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"US bank earnings plunged nearly 25% in the third quarter, falling below $30bn for the first time since 2003 as the sagging US housing market hit profits… Net income for banks in the period fell to $28.7bn, down $9.4bn from last year driven by a steep increase in provisions for loan losses and a drop in non-interest income, according to the FDIC. Loan loss provisions rose $9.2bn, or 122%, to $16.6bn compared to the same period a year earlier… The $16.6bn in provisions is the most made since the second quarter of 1987..."

Financial Times, November 28, 2007

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