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Insured Banks Tallied $35.3B in Q3 Earnings: FDIC

Balance sheets improved steadily for commercial and savings financial institutions over the third quarter, according to the FDIC, with those insured by the federal agency offering $35.3 billion in profit margins.

The FDIC released its findings as part of a Quarterly Banking Profile, which tracks asset quality, net income, and loan portfolios across the industry.

“We continue to see income growth that reflects improving asset quality and lower loss provisions,” Martin Gruenberg, FDIC acting chairman, said in a statement. “U.S. banks have come a long way from the depths of the financial crisis. Bank balance sheets are stronger in a number of ways, and the industry is generally profitable, but the recovery is by no means complete.”

The FDIC said that third-quarter profit marks a ninth consecutive quarter for year-over-year earnings increases.

The spike in profit reflects an $11.5-billion boost from net income reported by banks last year, which wallowed at $23.8 billion over the third quarter in 2010.

Loan portfolios snagged an updraft over the third quarter, posting an increase for the second consecutive quarter as loans and leases went up by $21.8 billion. Residential mortgage loan balances climbed by $23.7 billion.

Notably, the FDIC’s “Problems List” contracted for the second consecutive quarter, with problem banks and financial institutions falling from 865 to 844.

Total assets for these institutions also fell from $372 billion to $339 billion, with 26 insured institutions collapsing over the course of the third quarter – four more than the quarter before but 15 fewer than those seen over the same time frame last year.

The Deposit Insurance Fund marked a corresponding increase, with balances on the rise to $7.8 billion by the end of September, up from $3.9 billion from the end of June. Estimates for insured deposits jumped by 3.6 percent over the third quarter.

Alongside profit increases, third-quarter loss provisions underwent a 50-percent squeeze, with FDIC-insured banks earmarking only $18.6 billion, much less than $35.1 billion recorded over the same time frame last year.

Sixty-three institutions reported upward-bound health for their quarterly net income, with those institutions offering only net losses sliding to 14.3 percent, a few percentage points down from 19.5 percent from 2010.

Loans and leases 90 days past due and in nonaccrual status spiraled downward for the sixth consecutive quarter, with insured banks and thrifts discharging $26.7 billion in uncollectable loans over the same time frame, reflecting a 39.2-percent loss from the year before.

Whither financial growth in the near future, according to the FDIC?

“Ongoing distress in real estate markets and slow growth in jobs and incomes continue to pose risks to credit quality,” Gruenberg added. “The U.S. economic outlook is also clouded by uncertainties in the global economy and by volatility in financial markets. So even as the banking industry recovers, the FDIC remains vigilant for new economic challenges that could lie ahead.”

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