Monday, March 23, 2009

More on the FDIC

Last week the FDIC revised its Quarterly Banking Profile for the 4th quarter of 2008. The source of the revision was an increase in the amount of industry-wide goodwill writedowns (see posts from 2/27 & 1/23 for goodwill details).

As a result:

-Goodwill and other intangibles fell to $423.2 billion from $484.1 billion in the previous quarter.

-Net Income for all of 2008 fell to $10.2 billion. This represents a 89.8% decline from 2007.

-On a good note for banks (but terrible for every taxpayer), the industry's annual income tax burden fell from $46.5 billion to $6.2 billion.

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