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Springfield, MO

FDIC-insured institutions grow earnings by nearly 11%

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Due to higher net interest income and limited expense growth, banks and savings institutions insured by the Federal Deposit Insurance Corp. posted a combined second-quarter earnings increase of 10.7 percent to $48.3 billion.

The FDIC this morning reported 63.4 percent of the 5,787 insured institutions that submitted their financials to the agency improved net income during the three-month period, according to a news release.

“Revenue and net income growth were both strong, profitability reached a post-crisis high and net interest margins improved,” FDIC Chairman Martin Gruenberg said in the release. “While the quarterly results were largely positive, the operating environment for banks remains challenging.”

Second-quarter financial notes:
    •    Net operating revenue rose 6.1 percent to $190.5 billion
    •    The 5,338 institutions identified as community banks posted an 8.5 percent increase in earnings to $444.5 million.
    •    The number of problem banks in danger of failing dropped to 105 from 112 a year earlier.

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