Regions Financial Corp. (NYSE: RF), the Birmingham, Ala.-based holding company for Regions Bank, reported a second-quarter net income of a $109 million, a 139 percent improvement from a net loss of $277 million in the same quarter of fiscal 2010.
Earnings per diluted share were 4 cents for the quarter ended June 30, compared to a loss of 28 cents per diluted share in second-quarter 2010, according to a news release.
"Our results this quarter further demonstrate that our strategy for sustainable profitability is working," President and CEO Grayson Hall said in the release. "Focusing on the customer, enhancing enterprise-wide risk management and building sustainable performance are the key priorities of our business plans, and this quarter's performance shows we are making solid progress."
Second-quarter highlights:
- Pretax, preprovision net revenue was $500 million on an adjusted basis, the highest level on an adjusted basis in 11 quarters.
- Loan loss provision fell 17 percent to $398 million compared to the first quarter.
- Loans in the middle market commercial and industrial customer segment were up 12.1 percent from the same quarter last year.
During the quarter, Regions Financial Corp. completed a purchase of 500,000 existing Regions consumer credit card accounts and 40,000 business credit cards accounts from FIA Card Services, which previously issued and managed the credit cards. The portfolio represented more than $1 billion, according to
Springfield Business Journal archives.
Regions Financial Corp. has roughly $131 billion in assets and manages approximately 1,800 banking offices and 2,100 ATMs in 16 states. There are 11 area Regions Bank branches - three in Springfield, three in Branson and one each in Republic, Ozark, Bolivar, Aurora and Mount Vernon, according to its Web site.
Regions shares were trading at $6.35 as of 10:20 a.m., compared to a 52-week range of $5.12 to $8.09.[[In-content Ad]]
