Thursday, August 26, 2010

Thrifts Report $1.49 Billion Net Income in 2Q

The thrift industry reported a net income of $1.49 billion in the second quarter, the fourth consecutive profitable quarter for the industry. Despite lower loan loss provisions in the second quarter, net income declined from $1.72 billion in the first quarter. High unemployment, unrelenting housing market weakness, and instability in the commercial real estate sector continued to depress earnings. Despite the economic conditions, the foundation of the industry remained solid, as a majority of thrifts, 93.4 percent, were considered “well-capitalized” by regulatory standards.

See ABA's full summary of 2Q results here.

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