WASHINGTON – Commercial banks and savings institutions had a 94% drop in earnings during the third quarter from the same period last year, the FDIC reported today.
Net income was $1.7 billion between July and September, compared with $28.7 billion during the third quarter of 2007. Last quarter was the second worst since the fourth quarter of 1990.
The agency said much of the declines were the result of higher provisions for loan losses, money set aside in anticipation of future declines.
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