National News

Second quarter earnings much stronger than a year ago

Banks and thrifts reported combined income of $21.6 billion in the second quarter, compared to a $4.4 billion loss in the second quarter of 2009, the FDIC reported. Average return on assets of all banks was 0.65 percent compared to negative 0.13 percent a year ago. Earnings improved primarily because of reduction in provisioning for loan losses. While quarterly provisions remained high at $40.3 billion, they were $27.1 billion lower than a year earlier. The FDIC noted signs of improvement . . .

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