FDIC Reports Bank Profits Down
In its latest Letter to Stakeholders, the FDIC notes that "FDIC-insured commercial banks and savings institutions reported net income of $28.7 billion in the third quarter of 2007, a decline of $9.4 billion (24.7 percent) from the third quarter of 2006. The year-over-year decline is primarily attributable to increases in provisions for loan losses and a decline in non-interest income."
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