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Mica: Record Banker Profits Prove CU Complaints `Just More Hot Air'

WASHINGTON - The FDIC recently reported that commercial banks and savings institutions finished the first quarter with a record quarterly net income of $37.3 billion. Last quarter beat out the previous record of $34.6 billion set in the third quarter of 2005 and exceeded first quarter 2005 by 9.5%. According...

By Staff Writer | Updated on June 06, 2006

WASHINGTON – The FDIC recently reported that commercial banks and savings institutions finished the first quarter with a record quarterly net income of $37.3 billion. Last quarter beat out the previous record of $34.6 billion set in the third quarter of 2005 and exceeded first quarter 2005 by 9.5%. According to the FDIC, “Loan growth remained robust, with particular strength in commercial lending.” The industry was buoyed by improved performance by larger institutions. Real estate construction and commercial loans demonstrated “growing momentum.” Just like credit unions, banks’ net interest margins are getting pinched.

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