Bank Earnings Rise Over 600% in the 3rd Quarter!

Annaly Salvos submits:

The title of this piece is strange but true. The FDIC released its Quarterly Banking Profile for the 3rd quarter of 2010 yesterday morning, trumpeting $14.5 billion in profits (up from only $2 billion in the year ago period, prompting our headline). Two quotes from the release caught our attention. The third bullet point on the lead page of the document states: “Lower loan-loss provisions remain key to earnings gains.” The next was a statement by Sheila Bair in the press release: “At this point in the credit cycle it is too early for institutions to be reducing reserves without strong evidence of sustainable, improving loan performance and reduced loss rates.”

As is our habit, we take a look at the QBP w

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