Six years after the financial crisis, profits at U.S. banks have reached near-record levels, according to a new study.
Income at U.S. banks reached $40.24 billion in the quarter of 2014 that ended June 30, according to research firm SNL Financial. That’s the second-highest quarterly level for the banking industry since SNL began collecting banking profitability data in 1991.
“The second quarter was an inflection point in the profitability story for banks,” SunTrust analyst Eric Wasserstrom told the Wall Street Journal. “The bad is starting to bottom out, the good is starting to gain momentum.”
The only more profitable period for American banks was during the first three months of 2013, when net income reached $40.36 billion. The third most profitable period was at the end of the real estate and mortgage boom during the last quarter of 2006, when banks made $40.21 billion.