US Banks Report 1Q Profit,But Credit Problems Persist |
| Wall Street Journal - May 27, 2009 |
U.S. banks were able to report a first-quarter profit, buoyed by revenues at a few larger companies, but overall the credit picture remained grim as the number of banks on the brink continued to rise and consumers and businesses increasingly fell behind on their loans.
The Federal Deposit Insurance Corp. said Wednesday that U.S. banks reported a net profit of $7.6 billion for the quarter ended March 31, down from the same quarter in 2008, but a sizable improvement from the $36.9 billion loss recorded by the industry in the fourth quarter of 2008.
Though banks were profitable, there were signs that the credit crisis continues to take its toll. The number of banks on the FDIC's "problem" list climbed to 305, the highest level since 1994, and the number of loans more than 90 days past due climbed across all major loan categories.
Read Full Article from Wall Street Journal
- Posted: 2009-05-27 10:03:20
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