2011.05.2411:25:00UTC+00Us Bank Earnings Reach Highest Level Since Start of Financial Crisis in Q1

News:

Bank profits in Q1 were $29bn, an $11.6bn increase from a year before, according to data released by the FDIC
This is the best quarterly result since Q2 of 2007
But as in recent quarters, most of this gain was due to banks setting aside less to guard against losses, rather than to increases in revenues
Banks set aside $20.7bn for loan losses, compared with $51.6bn a year earlier
Net operating revenue fell 3.2 pct from a year before

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