NEW YORK, NY--(Marketwire - Dec 5, 2012) - U.S. banking stocks have been on an impressive run in 2012. According to the Federal Deposit Insurance Corporation (FDIC) profits from U.S. banks in the third quarter were the best seen since the financial crisis. The KBW Bank Index (BKX) has gained 20 percent year-to-date, nearly double the S&P 500 Index's gain of 12 percent. The Paragon Report examines investing opportunities in the Banking Industry and provides equity research on BB&T Corporation (
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The KBW Bank Index is on pace to best the broader markets for just the third time since 2003. U.S. banks collectively posted a net income of $37.6 billion in the third quarter, which is a 6-year high. Collective revenues in the third quarter grew 3 percent for the year prior, which was the largest gain seen in nearly three years, said the FDIC. This has been the 13th consecutive quarter in which industry profits have increased year-over-year.
"In previous quarters, we have noted that revenue growth has been very sluggish, and most of the improvement in earnings could be traced to lower provisions for loan losses," said FDIC Chairman Martin Gruenberg in a briefing. "Higher revenue contributed more to the increase in earnings than reduced provisions."
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BB&T Corporation is one of the largest financial services holding companies in the U.S. with $182.0 billion in assets and market capitalization of $23.2 billion, as of Sept. 30, 2012. The company reported of $469 million in the third quarter of 2012, an increase of 27 percent when compared to the net income of $366 million in the third quarter of 2011.
First Horizon National provides financial services through more than 170 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad. For the third quarter of 2012 the company reported a net income of $26 million. Shares of First Horizon National have gained over 16 percent year-to-date.
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