X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-Banks are the number one industry in the U.S. by profits, according to statistics from the American Petroleum Institute as reported by USA Today. In defense of its profits following Hurricanes Katrina and Rita, the oil industry pointed to its profits over the last five years in contrast to other industries. The oil and natural gas industry brought in 5.7 cents per dollar of sales between July 2000 and July 2005. Several industries’ income outpaced the oil companies, but taking the top spot were the banks, which earned 17.0 cents on every dollar of sales. That ranking beat out pharmaceuticals at 16.2 cents, real estate at 10.7 cents, health care at 8.0 cents, insurance at 7.9 cents, and consumer durables at 6.7 cents. The banking industry has been attacking credit unions for cutting into their profits through rapid growth by leveraging their tax-exemption.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.