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U.S. markets recover from steep losses
WASHINGTON, May 27 (UPI) -- The Federal Deposit Insurance Corp.'s list of banks in trouble grew from 252 to 305 in the first quarter, the federal regulator said Wednesday.
Twenty-one FDIC-insured banks failed in the quarter, the highest number since the fourth quarter of 1992, the regulator said.
During the quarter, 20 percent of the FDIC-insured banks failed to make a profit, while 60 percent reported a lower net income compared to the first quarter a year ago.
The FDIC said banks under its jurisdiction posted a net income of $7.6 billion in the first quarter, a 60.8 percent drop compared to the same period a year ago.
"The first quarter results are telling us that the banking industry still faces tremendous challenges," said FDIC Chairman Sheila Bair in a statement.
"Today's report says that we're not out of the woods yet," she said, noting "troubled loans continue to accumulate."
On the positive side, Bair said net interest income increased and non-interest revenue at larger banks also made gains.
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