Banks Earn a Record $5.8 Billion
- Share via
WASHINGTON — Commercial banks earned a record $5.8 billion in the third quarter, a dramatic turnaround from the second quarter, but the industry still faces its worst yearly profits since 1934, the government said today.
Rising interest rates and lower loan-loss expenses from the Latin American debt crisis led to the upturn in earnings from July through September. That followed a $10.6-billion loss in the second quarter, when banks set aside a record $21.2 billion to cover potential losses on loans to debtor nations.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
