Friday, May 29th16.6°C
26426
24949

US bank earnings decline 7.7 pct. in 1Q as higher interest rates dampen mortgage business

WASHINGTON - U.S. banks' earnings declined 7.7 per cent in the January-March quarter from a year earlier, as higher interest rates dampened demand for mortgage refinancing and reduced banks' revenue from the mortgage business.

The data issued Wednesday by the Federal Deposit Insurance Corp. highlighted the impact of the increase in interest rates that occurred in the spring of 2013.

It was only the second time in the last 19 quarters that the banking industry, which has been recovering from the financial crisis, posted a decline in net income from the year-earlier quarter.

The FDIC reported that the banking industry earned $37.2 billion in the first quarter of this year, down from $40.3 billion in the same period in 2013.

The number of banks on the FDIC's problem list fell to 411 from 467.

The Canadian Press


Read more Business News

26341


Recent Trending




Today's Market
S&P TSX15033.51-73.47
S&P CDNX692.63+0.47
DJIA18066.46-59.66
Nasdaq5086.25-11.73
S&P 5002115.50-5.29
CDN Dollar0.8010-0.0036
Gold1187.40-16.90
Oil58.90+0.53
Lumber273.90+1.40
Natural Gas2.81-0.01

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.50+0.02
Cantex0.03-0.01
Anavex Life Sciences0.3925-0.0075
Metalex Ventures0.07-0.01
Russel Metals25.11-0.09
Copper Mountain Mining1.36+0.06
Colorado Resources0.10-0.01
ReliaBrand Inc0.0129-0.0010
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.15-0.00
Decisive Dividend Corporation2.10+0.16

 



26416

FEATURED Property
2124662Ford Road
$385,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Yard sale pricing

Photo: Thinkstock.comI have deliberately abridged this household tips article to illustrate pricing strategies. "Tips For Pricing Yard Sale Items” was written by Lynnette Walczak, and publi...


What's a robo-advisor?

Photo: ContributedIt can only be attributable to human error. -Hal, 2001: A Space Odyssey For most of us who are within thinking distance of retirement, the term “robo” conjures up image...


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...

_



25991

26418


Member of BC Press Council


25895