Banks To Get Third-quarter Profit Boost From Dipping Into Reserves

wochit business
September 13, 2013 AT 1:10 PM
Top U.S. banks will get billions of dollars of extra profit this quarter from the money they set aside in tougher times to cover bad loans. Banks including JPMorgan Chase, Wells Fargo and Bank of America said that more borrowers are paying their loans on time, which allows the lenders to keep less money on hand to cover loan losses.