WASHINGTON — The banking industry earned a record $40.3 billion in the first quarter as rising noninterest income and the continued drop in loss provisions made up for declines in interest-related income, the Federal Deposit Insurance Corp. said Wednesday.

The FDIC's Quarterly Banking Profile reported an earnings total that was nearly 16% higher than the net income earned in the first quarter of 2012. Institutions achieved an average return on assets of 1.12%, which was an improvement from the 1% ROA set a year earlier and was the highest quarterly return since the second quarter of 2007.

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