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Profits Plunge at Banks and Thrifts in 1Q 2009

MAY 29, 2009 12:21pm ET

WASHINGTON — Commercial banks and thrifts insured by the FDIC reported net income of $7.6 billion in the first quarter of 2009, a decline of 61%, from the $19.3 billion that the industry earned in the first quarter of 2008.

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