Thrift Industry Broke Even in 2009

This story appeared in Bank Digest.

U.S. thrift industry earnings showed signs of stabilizing in 2009, the Office of Thrift Supervision said, as the industry posted a profit of $505 million in the fourth quarter and essentially broke even for the year. The industry reported net income of $29 million in 2009, its first positive annual net income since 2006. The industry had net losses of $15.9 billion in 2008 and $649 million in 2007. In 2009, profits in the final two quarters offset losses in the first two quarters, the agency said. Equity capital rose to 10.7 percent of assets at the end of 2009, up from 8.9 percent a year earlier.