US banks in strong shape as 4th quarter profit jumps
WASHINGTON (AP) - U.S. banks' earnings in the final quarter of 2016 rose 7.7 percent from a year earlier, as lending continued to grow and banks set aside less for losses on loans for the first time since late 2015.
The data issued Tuesday by the Federal Deposit Insurance Corp. showed strength in the industry more than eight years after the financial crisis struck. However, banks continued to post bigger losses on loans, especially for credit cards and commercial and industrial loans.
The FDIC reported that U.S. banks earned $43.7 billion in the fourth quarter, up from $40.8 billion a year earlier. Banks' profit for all of 2016 rose by $7.9 billion, or 4.9 percent, to $171.3 billio...