Banks set earnings record in first quarter

Northwestern Financial Review, Aug 15, 2001

The nation's 9,821 commercial banks, savings banks, and savings and loan associations posted a record quarterly profit of $22.8 billion in the first quarter of 2001, according to Weiss Ratings, Inc., a bank-rating agency. Industry profits were up $300 million, or 1 percent, over the previous record quarterly profit of $22.5 billion set in the first quarter of 2000.

Weiss noted that profits were inflated by $1.2 billion in non-recurring gains from the sale of securities during the quarter, compared to a $601 million loss from the sale of securities in the first quarter of 2000. Minus these transactions, profits amounted to $21.6 billion, a 6.9 percent decline from the adjusted $23.1 billion recorded last year.