On May 29th, the FDIC released its most recent Quarterly Banking Profile. FDIC-insured institutions reported aggregate net income of $40.3 billion in the first quarter of 2013, a 15.8 percent increase from the $34.8 billion in profits that the industry reported in the first quarter of 2012. This is the 15th consecutive quarter that earnings have registered a year-over-year increase. Increased noninterest income, lower noninterest expenses, and reduced provisions for loan losses accounted for the increase in earnings from a year ago. Half of the 7,019 insured institutions reporting financial results had year-over-year increases in their earnings. The proportion of banks that were unprofitable fell to 8.4 percent, from 10.6 percent a year earlier. FDIC Press Release. Bloomberg reported that the record profit report was accompanied by a warning from FDIC Chairman Martin Gruenberg, who said that additional reductions in bad-loan reserves will be followed by greater regulatory scrutiny. Warning.
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FDIC publishes Quarterly Banking Profile
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