Yet only about half of US banks reported improved earnings over last year, according to this article:
WASHINGTON — U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans.
The banking industry earned $40.3 billion in the first quarter, the Federal Deposit Insurance Corp. said Wednesday. That’s the highest ever for a single quarter and up 15.8 percent from the first quarter of 2012, when the industry’s profits were $34.8 billion.
Record profits show banks have come a long way from the 2008 financial crisis. But the report offered a reminder that the industry is still struggling to help the broader economy recover from the Great Recession.
Only about half of U.S. banks reported improved earnings from a year earlier, the lowest proportion since 2009. That shows the industry’s growth is being driven by a narrower group of the nation’s largest banks.
Those banks include Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. Most of them have recovered with help from federal bailout money and record-low borrowing rates.