The number of banks that had non-performing assets equal to at least 5 percent or more of their assets — considered a critical threshold - more than doubled in the year through June, according to data compiled by Bloomberg.
Altogether, the 150 banks hold assets of $193 billion, 15 times the FDIC's entire insurance fund.
“These numbers are off the charts,” says Blake Howells, an analyst at Becker Capital Management, referring to the nonperforming loan levels at companies he follows.
Banks are losing the “ability to try and earn their way through the cycle.”
The biggest banks with nonperforming loans of at least 5 percent include Wisconsin’s Marshall & Ilsley Corp. and Georgia’s Synovus Financial Corp., Bloomberg reports. (more)
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