BANKING & FINANCE - June 10, 1993
From Times Staff and Wire Reports
Bank Profits Soar to Record: Bank profits soared to a record during the first quarter of this year, the government said, prompting analysts to declare the crisis in the banking system over--at least for now. The nation’s 11,328 commercial banks earned $10.9 billion in the January-March period, the Federal Deposit Insurance Corp. said. The amount is up 44% from $7.5 billion a year ago and easily surpasses the previous record of $8.5 billion, set in the third quarter last year. The FDIC attributed part of the gain, as much as $1.8 billion, to the onetime effect of a change in accounting rules.
