In this Wednesday, Dec. 19, 2012 photo, people walk past a Bank of America branch in Philadelphia. U.S. banks are closing the year with the strongest profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers. (AP Photo/Matt Rourke)
News Summary: US 4Q bank profits up 37 pct.
Published: 08:20:20 PM, Tue 26 February 2013 UTC
BANK PROFITS UP: Profits at U.S. banks jumped nearly 37 percent for the October-December period, reaching the highest level for a fourth quarter in six years as banks continued to step up lending.
WIDE EARNINGS IMPROVEMENT: Banks earned $34.7 billion in the last three months of 2012, up from $25.4 billion a year earlier. Sixty percent of banks reported improved earnings from the fourth quarter of 2011, the Federal Deposit Insurance Corp. said.
FEWER "PROBLEM" BANKS: The number of banks on the FDIC's "problem" list fell in the fourth quarter to 651 from 694. Banks had lower losses on loans and set aside almost 25 percent less to cover potential losses than in the final quarter of 2011.
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