It's been a boom time for the nation's banks recently: The FDIC reported yesterday that America's banking business recorded its biggest quarterly profit in six years during the third quarter of this year. The total profits of $37.6 billion were up 6.6 percent from the same quarter a year earlier.
The biggest driver of that growth was auto loans, which were up 2.4 percent from the previous quarter. Business loans were up 2.2 percent, and home loans were up 0.8 percent. On the other side of the ledger, banks have become less and less hampered by having to deal with bad loans; provisions for loan losses fell by more than 20 percent in the third quarter.
And while bank failures used to be a massive problem for the industry, their numbers have shrunk radically in recent years. Only 12 banks failed in the third quarter, the lowest figure since the fourth quarter of 2008.
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