US banks 'enjoyed strong Q3'

23 November 2011

US banks enjoyed a strong period of performance throughout the third quarter of the year, new figures have shown.

According to data published by the Federal Deposit Insurance Corporation (FDIC) today (23 November), financiers in America had a net income of $35.3 billion during this three-month timeframe.

This represents their most positive figures since 2007 and the numbers have mainly been attributed to the fact companies are managing to reduce their exposure to bad loans and charges.

Martin Gruenberg, chairman of the FDIC, stated this data is a clear indication that US banks are doing relatively well after the "depths of the financial crisis".

"Balance sheets are stronger in a number of ways and the industry is generally profitable, but the recovery is by no means complete," he added.

This comes after research by ICAP revealed that overseas banks have more than doubled their deposits at the American Federal Reserve throughout 2011.

By Tony Aynsley

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