How are your finances working out? Did you just have the best quarter you’ve had in years? No? Then you must not be a bank.
Reuters is reporting that new data from the FDIC shows that U.S. banks’ earnings in the third quarter were better than they have been in any quarter since Q3 2006. You remember 2006, don’t you? That was shortly before we learned that the banks had gambled away our future.
Banks, it seems, are about the only ones not still suffering from their foolishness.
Net operating revenues rose $4.9 billion, or 3 percent, from a year earlier, the FDIC said. Much of the increase came from asset sales, particularly loan sales.
Banks reduced the amount set aside for losses from loans by $3.8 billion, or 20.6 percent, compared with a year earlier.
Lending also picked up during the quarter, led by commercial and industrial loans. The FDIC said it was the fifth time in the last six quarters that loan balances have risen.
You can read the entire story here.
And for what it’s worth, don’t feel bad if you didn’t have such a great third quarter. As the old saying goes, it takes money to make money. And the recipients of the bailouts still have all yours.