Federal Deposit Insurance Corporation

Bank Net Income Falls 60% from Q108 

The US banking industry experienced a rough first quarter as the worst of the credit crisis continues to unwind, deteriorating assets take their toll on balance sheets and federal regulators expose weaknesses in capital buffers through exhaustive stress tests. Banks and savings institutions insured by the Federal Deposit Insurance Corp. (FDIC) reported a combined $7.6bn net income for Q109, $11.7bn or 60% below the net income reported in the year-ago quarter.