Wachovia Corp, the fourth-largest U.S. bank, on Friday said third-quarter profit fell ten percent, hurt by write-downs related to difficult credit market conditions.
Net income fell to $1.69 billion, or 89 cents per share, from $1.88 billion, or $1.17, a year earlier.
The Charlotte, North Carolina-based company said revenue grew four percent to $7.35 billion from $7.04 billion in the third quarter of 2006.
After-tax expenses related to the bank's acquisition of Golden West Financial Corp. amounted to one cent per common share in the third quarter of 2007.
Excluding merger costs, profit was $1.71 billion, or 90 cents per share.
Analysts polled by Thomson Financial were expecting earnings of $1.03 a share, on average.
Wachovia Chief Executive Ken Thompson said the company is working to make sure it manages its risks and controls costs in unsettled market conditions.
October 19 2007
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