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Bank profits race to near records

Jsmith | E+ | Getty Images

Banking industry profits are soaring to near record levels, boosted by the fastest increase in lending since Great Recession, The Wall Street Journal reports.

Citing data from research firm SNL Financial, the newspaper said U.S. banks posted $40.24 billion in net income in the second quarter. That was the second-highest level in at least 23 years and was just below the record $40.36 billion in the first quarter of 2013, the newspaper said.

Read the Journal's full story here.