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Article: ON DEADLINE.
- Article from:
- Credit Union Journal
- Article date:
- December 1, 2008
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bank, Thrift Earnings Tumble 94% From Year Ago
WASHINGTON-Bank and thrift earnings slid a whopping 94% in the third quarter from one year earlier, to $1.7 billion, according to data released by the Federal Deposit Insurance Corp. (FDIC). Data show the industry's return on assets fell to 0.05%, from 0.92% a year earlier-the second-lowest quarterly ROA reported in 18 years. The FDIC said that "evidence of a deteriorating operating environment was widespread." Earlier, NCUA reported that credit unions' key profitability ratio, return on assets, eroded to 0.12%, the lowest level in decades. Among banks, meanwhile, nearly 60% of institutions reported year-over-year ...