U.S. lenders posted $18 billion in profits during the first quarter, reflecting signs of recovery in the banking industry even as the number of “problem” banks increased, the Federal Deposit Insurance Corp. said.
Banks returned to profitability in the three-month period through March 31 after reporting a $1.3 billion loss in the fourth quarter, the FDIC said in its quarterly report on industry earnings.
Full story: U.S. Banks Post Best Quarterly Results in Two Years, FDIC Says – Bloomberg.com