U.S. Banks Earn a Record in Quarter
Bloomberg News
U.S. commercial banks earned a record $21.7 billion in the first quarter of 2002, 9.6% higher than the same period a year ago, the Federal Deposit Insurance Corp. said.
The earnings growth was driven by a 13% increase in net interest income, which is the difference between interest earned and interest paid.
At the same time, net charges for loan losses totaled $11.1 billion in the quarter, which is 59% higher than a year ago.
The FDIC, which regulates U.S. commercial banks and oversees the insurance fund for bank and thrift deposits, also reported it increased the number of banks on the “problem list” from 95 to 102.
