U.S. banks had net income of $37.6 billion in the third quarter, a 6.6 percent increase over the year-earlier period as operating revenue grew the most in three years, the Federal Deposit Insurance Corp. said.
Industry profits beat the prior year for a 13th straight quarter, with 57.5 percent of banks reporting gains on earnings that increased from $34.4 billion in the previous quarter, the FDIC said today in its Quarterly Banking Profile. Lenders set aside $14.8 billion for bad loans, and the $22.3 billion in charge-offs showed declines in all categories except residential real estate.
