Tags: US | Thrift | Earnings

Thrifts Earn $1.77 Billion in Third Quarter

Friday, 03 Dec 2010 04:00 PM

 

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The government reports that U.S. thrifts posted a profit over the summer but the number of "problem" thrifts remains elevated.

The federal Office of Thrift Supervision says U.S. savings and loans had total net income of $1.77 billion in the July-September period. That was up 4.3 percent from $1.24 billion in the third quarter of 2009.

It was the thrift industry's fifth profitable quarter in a row. Still, the agency said, the number of "problem" thrifts remained high at 53, compared with 54 three months earlier. That's a result of continued pressures from soured loans, high unemployment and weakness in the housing and commercial real estate markets.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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