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Real estate losses hurt banks in first quarter
By:Haligonian
Date: Thursday, 29 May 2008, 11:03 am

Real estate losses hurt banks in first quarter, FDIC (says by Robert Schroeder)

WASHINGTON (MarketWatch) -- Falling asset quality in real estate loan portfolios hit bank earnings in the first quarter of 2008, the FDIC said Thursday. Earnings for the quarter totaled only $19.3 billion compared to $35.6 billion a year ago, the FDIC said in its first-quarter banking profile. Meanwhile, the agency said, the number of banks on its "problem list" rose to 90 from 76. Assets rose by 2.6% even as loan growth slowed.