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Banks Earned $403B During First Quarter

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. reported aggregate net income of $40.3 billion in the first quarter. That is a $5.5 billion--or 15.8%--increase from the $34.8 billion in profits the industry reported in first quarter 2012, according to the FDIC's most recent Quarterly Banking Profile, released Wednesday.

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