FDIC: Bank earnings hit five-year high in 2011

WASHINGTON -A surge in earnings by the biggest banks at the end of last year made 2011 the most profitable time for the industry in five years. More earnings and fewer troubled banks suggest the industry has healed since the 2008 financial crisis.

The Federal Deposit Insurance Corp. said Tuesday that bank earnings rose in the October-December quarter to $26.3 billion. That's 23 percent higher than earnings in the final quarter of 2010. About 63 percent of banks reported improved earnings. Only 19 percent were unprofitable.

For the year, earnings hit $119.5 billion — the most since 2006.

Banks with assets exceeding $10 billion accounted for almost all of the earnings growth in the fourth quarter. While they make up just 1.4 percent of U.S. banks, they accounted for more than 81 percent of the earnings.

http://www.dailyfinance.com/article/fdic-bank-earnings-hit-five-year-high-in/1417087/