Industries Banking/Finance

FDIC report shows improved profitability among Virginia banks

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The percentage of unprofitable commercial banks in Virginia dropped from nearly 39 percent in 2009 to less than 18 percent at the end of last year, according to the Federal Deposit Insurance Corp.

The FDIC also reported Tuesday that 69 percent of Virginia banks showed earnings gains last year, compared with 40.6 percent two years before during the Great Recession.

The FDIC’s State Banking Performance Summary showed the number of banks in the state dropped from 106 to 101 from 2009 to 2011, with almost all of the contraction taking place at financial institutions with less than $100 million in assets.

Total net income for Virginia banks stood at $5 billion at the end of last year, up from $768 million in 2009.

Total assets were $474 billion in 2011, up from $392 billion in 2009, and total deposits were $338.9 billion last year, up from $294 billion two years before.

Return on assets for all Virginia banks was 8.78 percent at the end of 2011, up from 1.57 percent at the end of 2009.

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