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US bank earnings in Q2 climbed 1.4 percent to $43.6B

Business Insider UK
Updated
This Wednesday, Aug. 17, 2016, photo, shows a Chase Bank branch in North Miami Beach, Fla. On Tuesday, Aug. 30, the Federal Deposit Insurance Corp. releases U.S. bank industry earnings for the second quarter. (AP Photo/Wilfredo Lee)
This Wednesday, Aug. 17, 2016, photo, shows a Chase Bank branch in North Miami Beach, Fla. On Tuesday, Aug. 30, the Federal Deposit Insurance Corp. releases U.S. bank industry earnings for the second quarter. (AP Photo/Wilfredo Lee)

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WASHINGTON (AP) — U.S. banks' earnings in the April-June period rose 1.4 percent from a year earlier as growth in lending fueled interest income.

The data issued Tuesday by the Federal Deposit Insurance Corp. showed continued strength in the banking industry eight years after the financial crisis struck. However, the impact of low oil prices on energy companies led banks to continue to post bigger losses on commercial and industrial loans.

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The FDIC reported that U.S. banks earned $43.6 billion in the second quarter, up from $43 billion a year earlier.

Around 60 percent of banks reported an increase in profit from a year earlier. Only 4.5 percent of banks were unprofitable, down sharply from 5.8 percent in the second quarter of 2015.

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