BANKING & FINANCE - Dec. 16, 1994
From Times Staff and Wire Reports
Bank Profits Set Record: Bank earnings were at an all-time high of $11.8 billion for the third quarter, and profits are headed toward another record for the year, the Federal Deposit Insurance Corp. said. “We see nothing in these figures that suggests any change in the positive outlook any time soon,” FDIC Chairman Ricki Tigert told a news conference. The nation’s 10,700 commercial banks made more loans at higher interest rates and also benefited from a drop in bad loans and from the lowest loan losses in nearly a decade. Meanwhile, the industry’s capital, which acts as a cushion against loss, grew by $6.8 billion in the July-September quarter.
