US banks’ earnings jumped 49 per cent last quarter to $35.3bn, their highest total since mid-2007, as smaller provisions for loan losses boosted earnings, US regulators said on Tuesday.
While revenues and lending increased modestly, the Federal Deposit Insurance Corporation said the bulk of the improvement for the 7,400 banks across the US came from lenders setting aside 47 per cent less money to cover future losses.
“Improvement in industry earnings have been almost entirely dependent on reduced loss provisions,” said Martin Gruenberg, FDIC acting chairman. The industry set aside $18.6bn, $16.5bn less than in the same period last year and the smallest amount in four years.
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