U.S. bank lending reached record $8.11T in Q2

U.S. banks had second-quarter net income of $40.2 billion, the second-highest total on record, as lenders cut expenses and workers to compensate for falling trading revenue, the Federal Deposit Insurance Corp. said.

Loan growth, which returned to levels last seen before the 2008 credit crisis, failed to boost revenue as mortgage servicing and refinancing declined, the FDIC said today in its Quarterly Banking Profile. The report overall showed continuing recovery by the industry, even as banks cope with pressure resulting from slow economic growth, FDIC Chairman Martin Gruenberg said in a briefing in Washington.