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Banks' earnings up 5.2% in 2Q

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By The Associated Press
Friday, Aug. 29, 2014, 12:01 a.m.

Earnings of the nation's banks rose 5.2 percent in the April-June quarter from a year earlier, as the institutions reduced their expenses and lending marked its fastest growth since 2007.

The data issued on Wednesday by the Federal Deposit Insurance Corp. showed a robust picture as the banking industry continues to recover from the financial crisis that struck six years ago. The improving economy has brought greater demand for loans and stepped-up lending.

The FDIC reported that banks earned $40.2 billion in the second quarter of this year, up from $38.2 billion in the same period in 2013. The number of banks on the FDIC's problem list fell to 354 in the second quarter, down from 411 in the first quarter.

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