News Summary: US banks earn record $42.2B in Q2

News Summary: US banks earn record $42.2B in 2nd quarter, aided by drop in losses on loans

Associated Press

BANK PROFITS UP: U.S. bank earned $42.2 billion in the April-June quarter, the highest ever for a quarter. About 54 percent of U.S. banks reported improved earnings from a year earlier.

LOWER LOSSES: Losses from bad loans tumbled 30.7 percent from a year earlier to $14.2 billion, the lowest in six years.

INTEREST RATE CONCERN: A recent spike in interest rates could have a mixed impact on banks. High rates make it more expensive for banks to borrow. But they also enable banks to charge more for loans.

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