US DATA: OTS thrift report reports a profit of $1.4b.

US DATA: OTS thrift report reports a profit of $1.4b in Q1, the
industry’s seventh consecutive quarter of profitability. “The industry
is stabilizing and slowly recovering.” Profitability, as measured by
return on average assets, was 0.6 percent in the first quarter, down
from 0.69 percent in the previous quarter and 0.73 percent in the first
quarter a year earlier. At the end of the first quarter, 91.2 percent of
the industry reported capital exceeding well-capitalized; 11 thrifts
were less than adequately capitalized. The industry added $1.68
billion, or 0.73 percent of average assets, to loan loss provisions in
the first quarter, down from 1.05 percent of average assets in the
previous quarter and 1.19 percent in the first quarter a year earlier.
Problem thrifts rose to 60 vs 58 at the end of the previous quarter.