Regions Q2 Earnings Up on Loan Loss Improvement
Regions Financial reported net income available to common shareholders of $284 million, up from $55 million in the same quarter 2011. Regions said its provision for loan losses was $26 million, down from $117 million sequentially and $398 million in the second quarter one year-ago.
Regions said broad based asset quality improvement continued as non-performing loans, excluding loans held for sale, declined $236 million or 11% linked quarter; inflows of non-performing loans declined to $315 million, a decrease of 17% from the first quarter and down 48% from the peak. Net charge-offs decreased 20% on a linked quarter basis and the loan loss provision of $26 million was $239 million less than net charge-offs.
“We continued to make incremental progress on many key fronts and are pleased with the improvement of our financial performance despite considerable economic and political uncertainty, and an uneven economic recovery,” said Grayson Hall, president and chief executive officer. “By focusing on initiatives that we can control, we continue to drive sustainable and prudent growth across our business.”
To read the Regions Financial news release click here.