Friday, Jul 01, 2016
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U.S. bank profits grow in quarter, FDIC says

WASHINGTON — U.S. bank profits rose 21 percent in the April-June quarter, the Federal Deposit Insurance Corp. said Tuesday.

It said banking industry profits were $34.5 billion in the quarter, up from $28.5 billion in the year-ago period.

About 63 percent of U.S. banks reported improved earnings as they were able to set aside less for losses on loans, the agency said. And the number of troubled banks fell for the fifth straight quarter.

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