The Top 100 bank of America in terms of operating and equity profits – Part 1

The list of top 100 banks is out, based on a recent survey that combed through the data of this year’s financial statements and the recent submissions by these banks on December 1. The banks in the list range from $4.6 Billion Beneficial Mutual Bancorp to
goliaths like $2.3 Trillion worth JP Morgan Chase.

The banking sector has found its stable footing in the US economy and most of the commercial and savings banks have cleared their balance sheets. After three years of spoon feeding by the US government in the form of quantitative easing, the banks started
returning the favour at the start of this year.

Most of the banks and thrifts, as the savings banks are referred in the US, have almost paid back the government funded loans. The top 100 banks in the US showed tremendous output this year recession crisis.

The banking sector made a profit of $35 Billion this year, the best since 2008. The last such profit was seen in July quarter of 2007. The same industry incurred a loss of around $38 Billion—combined—in the last quarter of 2008.

However, the some banks are still in the pickle and almost 90 of such institutions failed this year compared to 305 banks who filed for chapter 11 between 2008 and 2010. However, the number 90 is still high in the eye of Federal Deposit Insurance Corporation
(FDIC). The number of banks that filed for bankruptcy from 1996 to 2007 was less than 90 making it still a matter of concern for the FDIC.

Out of the 7,436 banks 90 filed for insolvency and 100 out of the rest populated the list of top banks in America.

Prosperity Bancshares toppled the list; the bank came second last year. The Texas-based company operates 176 branches in Texas and one-third out of those are in Houston, where the headquarters are situated.

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Posted by Usman Khalid on Dec 14 2011. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry