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U.S. banks see their fortunes rise

06 July 2012 07:29 (UTC +04:00)

Baku â€“ APA-Economics. US banks are making more money. In the first three months of 2012, the industry’s earnings reached $35 billion, up from $29 billion in the first quarter of 2011, APA reports quoting Associated Press.

It was the best showing since 2007. At the depth of the recession in the fourth quarter of 2008, the industry lost $32 billion,

In 2009, 140 banks failed. In 2010, more banks failed -- 157 -- than in any year since the savings and loan crisis of the early 1990s. In 2011, 92 failed. This year, regulators closed 31 in the first half of the year. For the full year, they’re on pace to shut down around 60. That’s still more than normal. In a good economy, only about four or five banks close each year. But the pace shows sustained improvement.