Fdic, Quarterly Earnings | featured news

Here’s something that may (or may not) surprise about you about banks: They’re raking in profits like it’s 2007. It's not such a rosy environment for banks once you cut a little deeper into the numbers. The latest data from the FDIC show banks taking in net income of $34.5 billion in the second quarter of 2012, that’s up $5.9 billion from from the second quarter of 2011.

The U.S. banking industry posted a $35.3-billion profit in the first quarter of the year, its best performance since 2007, the Federal Deposit Insurance Corp. said Thursday.

Bank earnings rose over the summer to their highest level in more than four years, while the number of troubled banks fell for the second straight quarter, federal regulators reported Tuesday.