US Banks Report Largest Earning Quarter On Record With $40.3B

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U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans. (NICHOLAS KAMM/AFP/Getty Images)

U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans. (NICHOLAS KAMM/AFP/Getty Images)

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WASHINGTON (AP) — U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans.

The Federal Deposit Insurance Corp. says the banking industry earned $40.3 billion in the first quarter, up 15.8 percent from the $34.8 billion earned in the first quarter of 2012.

Despite record earnings, the report sketched a mixed picture for an industry that is still finding its way five years after the peak of the 2008 financial crisis.

Only about half of U.S. banks reported improved earnings from a year earlier, the lowest proportion since 2009. Bank lending declined after several quarters of increases. And bank profits from interest charged fell to the lowest level in nearly seven years.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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