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Friday, October 19, 2007

Wachovia earnings hurt by credit market

October 19 2007
Wachovia, the nation's fourth-largest bank, said Friday its profit fell 10 percent in the third quarter, hurt by writedowns related to difficult credit market conditions. The Charlotte-based company said net income fell to $1.69 billion, or 89 cents per share, in the July-September period compared with $1.88 billion, or $1.17, in the year-ago period. Revenue grew 4 percent to $7.35 billion from $7.04 billion in the third quarter of 2006. Wall Street expected earnings of $1.03 per share on $8.02 billion of revenue, according to analysts polled by Thomson Financial. The earnings estimates typically exclude one-time items.

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