Yesterday, FDIC released their 1st quarter report & finds that there was stable asset quality. Although the banking industry reported quarterly net income of 18.5 billion dollars during the first quarter, a 69.6 percent decline from a year ago. However, net income is significantly higher than 2008 & 2009. “Since 1933, no depositor has lost a penny of FDIC-insured funds.”
The decline in earnings reflects the industry’s expectation of deterioration in the overall economy.
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