Building on 1995's record earnings, commercial banks pulled in profits of $12 billion during the first quarter, an 8.2% increase over the year-earlier period, the Federal Deposit Insurance Corp. said Thursday.

At a news conference, FDIC Chairman Ricki Helfer applauded the earnings increase but described the industry's credit card lending as a "dark spot on the picture."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.