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Banks, Thrifts Income Declines 60% in First Quarter

The recession-battered banking industry during the first three months of 2009 as FDIC-insured institutions reported a $7.6 billion net income, compared with $19.3 billion during the first quarter of 2008, the agency reported.

By Claude R. Marx | Updated on May 27, 2009

The recession-battered banking industry during the first three months of 2009 as FDIC-insured institutions reported a $7.6 billion net income, compared with $19.3 billion during the first quarter of 2008, the agency reported. The results were an improvement over the fourth quarter of 2008 when the institutions had a $26.2 billion net loss.

These institutions set aside $60.9 billion in provisions for loan losses in the first quarter, an increase of 63.6% from the first quarter of 2008. Expenses for goodwill impairment and other intangible asset expenses totaled $7.2 billion, up from $2.8 billion a year earlier.

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