New figures meanwhile show the nation’s banks reduced lending last quarter while seeing their highest profit jump in three years. The Federal Deposit Insurance Corporation reported Tuesday that bank profits were up 21 percent to nearly $22 billion. But lending over the same period fell 1.3 percent, or about $96 billion. The exception was community banks or credit banks, which slightly increased lending during the same period.
Bank Profits Soar, But Lending Drops
HeadlineSep 01, 2010