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Business Briefing / Banking

Thrifts post first profit since '07

August 27, 2009|TIMES WIRE REPORTS

U.S. thrifts posted a $4-million profit in the second quarter, but the number of troubled institutions continued to rise, the government said.

The Office of Thrift Supervision said the small profit in the April-to-June period marked the industry's first positive earnings since the third quarter of 2007. It compared with losses of $5.4 billion in the year-earlier period and $1.62 billion in the first quarter of this year.

"Problem thrifts" on the agency's confidential list rose to 40, up from 31 in the first quarter and 17 a year earlier.

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