FDIC: U.S. banks' Q1 profit down 46%

Bizjournals
Posted: 2008-05-29 18:07:38

A new look at the banking sector shows huge losses in the first quarter of 2008.

The Federal Deposit Insurance Corp., which insures bank deposits up to $100,000, reported that U.S. financial institutions earned $19.3 billion in the quarter, down 46 percent from $35.6 billion in the first quarter of 2007.

The number of banks at financial risk increased from 53 to 90.

Despite the big drop from last year, profits were much better than they were in the fourth quarter of 2007, when U.S. banks earned a total of $600 million.

Baltimore Business Journal