NATION : Banks Post Record for Earnings
U.S. banks earned a record $25.3 billion last year, the government said today, but a top regulator chided the industry for passing on more than half the profits to stockholders and advised banks to adopt a more conservative approach.
Federal Deposit Insurance Corp. Chairman L. William Seidman said bank profits for the three months ending Dec. 31 hit $6.7 billion, an all-time high and $800 million more than the previous record of $5.9 billion set in the third quarter. He chided bankers for boosting dividends to stockholders by 24% to $13 billion.
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