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Despite this, there is little evidence that actual or expected future sales significantly affected asset prices. Graph 5 (centre and right-hand panels) shows time series of price quotes for selected high-spread securitised assets, distressed bonds and leveraged loans. True, the price of US leveraged loans fell and spreads on some securitised assets rose after the EBA capital target announcement, consistent with the deleveraging implications of this news. And the price of distressed Lehman Brothers bonds increased after the reduction in the cost of dollar financing from central banks. But these changes were not unusually large compared with past price movements | Quarterly Banking Profile Second Quarter 2012 INSURED INSTITUTION PERFORMANCE Second Quarter Net Income Totals 34.5 Billion as Earnings Continue to Rise Improving Asset Quality Remains Key to Higher Profits Loan Balances Increase by 102 Billion Problem List Shrinks for Fifth Consecutive Quarter Earnings Improvement Trend Reaches Three-Year Mark The benefits of reduced expenses for loan losses outweighed the drag from declining net interest margins as insured institutions posted a 12th consecutive year-over-year increase in quarterly net income. Banks earned 34.5 billion in the quarter a 5.9 billion 20.7 percent increase compared with second quarter 2011. Almost two out of every three banks 62.7 percent reported higher earnings than a year ago. Only 10.9 percent were unprofitable down from 15.7 percent in second quarter 2011. The average return on assets ROA rose to 0.99 percent from 0.85 percent a year earlier. This is the third-highest quarterly ROA for the industry since second quarter 2007. Banks Reduce Loan-Loss Provisions to Five-Year Low Banks set aside 14.2 billion in provisions for loan losses in the second quarter. This amount represents a 5 billion 26.2 percent decline from second quarter 2011 and is the smallest quarterly total in five years. The reduction in provision expenses helped offset a 287 million 0.3 percent decline in net interest income as the industry s average net interest margin fell to a three-year low. The average net interest margin was 3.46 percent compared with 3.61 percent a year earlier because average asset yields declined faster than average funding costs. Noninterest income made a positive contribution to the increase in earnings rising by 1.6 billion 2.8 percent from second quarter 2011. Gains on loan sales and on fair values of financial instruments contributed to the rise in noninterest income while a 4.7 billion decline in trading income limited the year-over-year improvement. Net operating revenue the sum of net interest .
