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U.S. banks had $40.2 billion in net income in the second quarter as lenders cut costs to offset a decline in trading income, the Federal Deposit Insurance Corp. said in its quarterly snapshot of the industry’s performance.

After a record-setting 2013 averaged $38.6 billion in industrywide profit per quarter, banks have had mixed results this year, the FDIC said in the Quarterly Banking Profile released in Washington today.


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