Business & Real Estate

State’s banks, credit unions boost earnings in 3rd quarter

California’s state-chartered banks and credit unions saw increased earnings in this year’s third quarter compared with the same period in 2013, according to the state Department of Business Oversight.

DBO said the aggregate net income of the California banks in the quarter ended Sept. 30 was $882.6 million, up 1.2 percent from $872.1 million in the same quarter last year. Third-quarter profits were up about 16 percent from $760.4 million reported in this year’s second quarter.

Through nine months of 2014, state-chartered banks’ net income of $2.36 billion was down slightly from $2.4 billion in the same period of 2013.

Credit unions’ aggregate net income in this year’s third quarter was $207.2 million, up nearly 15 percent from $180.3 million in the year-ago period.

Through nine months this year, credit unions saw a 2.2 percent increase in net income to $629.5 million, versus $615.8 million in the first nine months of 2013.

In the third quarter, California had 157 state-chartered banks, down from 164 in the third quarter of 2013. Credit unions numbered 146 in the third quarter, the same as a year ago.

Call The Bee’s Mark Glover, (916) 321-1184.