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FDIC: Banking Industry 2Q Profits Plummet 86%

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August 26, 2008 – Comments (0)

Tuesday, August 26, 2008Associated Press

Federal regulators say U.S. banking industry profits plunged by 86% in the second quarter, as slumps in the housing and credit markets continued.

Federal Deposit Insurance Corp. data show federally-insured banks and savings institutions earned $5 billion in the April-June period, down from $36.8 billion a year earlier.

The roughly 8,500 banks and thrifts also set aside a record $50.2 billion to cover losses from soured mortgages and other loans in the second quarter.

The FDIC says 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter and the biggest tally since mid-2003.

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