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WASHINGTON (MarketWatch) — Banks had the second worst earnings in the since
1991, the Federal Deposit Insurance Corporation said Tuesday. Earnings for the
quarter totaled just $5.0 billion compared to $36.8 billion a year ago, a decline
of 86.5%, the FDIC said in its second-quarter banking profile. Higher loss
provisions were the main reason for the drop. “The results are pretty dismal,”
said FDIC chairman Sheila Bair at a press conference. The FDIC’s “problem list”
grew to 117 financial institutions from 90 at the end of the first quarter. Total
assets of problem institutions increased to $78 billion from $26 billion at the
end of Q1. Bair said the FDIC will move to replenish the deposit insurance fund
in early October. Banks will likely have to pay an increased premium into the
fund, she said.

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