For the quarter, managed financial services revenue as a percentage of average managed credit card loans improved 40 basis points primarily due to lower provision for loan losses, higher interchange and lower interest expense. For the quarter, average net charge-offs were 3.85% compared to 5.02% in the third quarter of 2009. This is the lowest absolute charge-off rate realized in the last six quarters. Given continued favorable trends related to charge-offs, average net charge-offs at World's Foremost Bank are expected to be between 4.25 and 4.50% for 2010 as compared to previous guidance of 5.00 to 5.50%.
"We believe the improvements in our business are sustainable," Millner said. "As a result of the progress we have made on our strategic initiatives and the strength of our business in the third quarter, we expect our full year 2010 earnings to meet or exceed current expectations. Furthermore, we expect earnings for 2011 to grow at a double digit rate."
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