Third-quarter earnings solid, although off from 2012
FDIC-insured financial institutions reported aggregate net income of $36.0 billion in the third quarter, a $1.5 billion (3.9 percent) decline from 2012’s third quarter. The decline was mainly attributable to a $4 billion increase in litigation expenses at one institution. Lower revenue from reduced mortgage activity and lower gains on asset sales also contributed to the reduction in earnings. Half of the 6,891 insured institutions reporting had year-over-year growth in earnings. The proportion of banks that were unprofitable . . .
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