FDIC REPORTS RECORD EARNINGS FOR COMMERCIAL BANKS

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FDIC-insured commercial banks earned a record $18.0 billion in the first quarter of 1999. The quarter was marked by an absence of major merger-related restructuring expenses at large banks, which had depressed industry earnings in recent periods. Large bank earnings also were boosted by improvements in international operations and a record quarter for trading income.

"The banking industry in the first quarter of this year continued to be a money creating machine in more ways than one," said Donna Tanoue, FDIC Chairman.

She added: "Even though it was a banner quarter for the industry, large banks and small, it is no time for bank supervisors to be complacent. We continue to monitor emerging risks that could affect institutions, and will address problems as they arise."

First-quarter results for the 8,721 commercial banks and 1,669 savings institutions that are insured by the FDIC are contained in the agency's latest Quarterly Banking Profile, which is based on quarterly reports of condition and income filed by FDIC-insured institutions. The latest Profile analyzes trends in bank and thrift performance during the first quarter of 1999. Highlights follow.

Commercial Banks

The net income of $18.0 billion at insured commercial banks was $2.1 billion (12.9 percent) higher than in the first quarter of 1998. Bank profits also were $1.9 billion (11.6 percent) above the previous quarterly record of $16.1 billion set in the second quarter of 1998.

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-- Mild Mannered Reporter (Clark@super.duper), June 28, 1999

Answers

""The banking industry in the first quarter of this year continued to be a money creating machine in more ways than one," said Donna Tanoue, FDIC Chairman."

Who'da thunk this was how the fiat money SCAM worked - knock me sideways with a feather...

-- Andy (2000EOD@prodigy.net), June 28, 1999.


If I wrapped his cape around him....would someone kick his ass?

-- Will continue (farming@home.com), June 28, 1999.

If the cape completely enveloped him I might accidentally kick him in the ghoulies - this would not do at all, the Earl of Queensbury would turn in his grave - therefore I must decline...

-- Andy (2000EOD@prodigy.net), June 28, 1999.

Is this guy any relation to James McIssac, the bank shill who populates csy2k? Must work for him, eh?

Troll, troll, troll your bank, gently past our nose.

-- de (delewis@inetone.net), June 28, 1999.


It's probably double-deckers alter EGO, and we all know how big THAT is...

-- Andy (2000EOD@prodigy.net), June 28, 1999.


Andy, the post-and-run style suggests this is our errant NORM.

-- Brooks (brooksbie@hotmail.com), June 28, 1999.

Ahhh that's what "it" wants you to think :)

-- Andy (2000EOD@prodigy.net), June 28, 1999.

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