Bank Quarterly Profits Hit $37.6 Billion

An uptick in revenue and lower loss provisions helped to drive banks third quarter profits to a six year high of $37.6 billion dollars, the highest total for quarterly profits since the third quarter of 2006.

Behind the improved results, a welcome increase in operating revenue. In its Quarterly Banking Profile, the FDIC said net operating revenue or net interest income plus total non-interest income, rose by $4.9 billion dollars.

The three percent increase is the largest year-over-year increase in quarterly revenue in almost three years. It is also a marked a change from previous quarters when the FDIC noted revenue growth was "sluggish".

Still, the FDIC cautioned against reading too much into the increase in revenue.

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- Posted: 2012-12-04 15:49:48

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