On Tuesday, Regions Financial Corp released a report that showed a 9% fall in its second-quarter earnings. The corporation said that its expenditures rose while it listed fewer mortgage loans.
After paying the selected dividends, the regional bank said its net income was US$259 million or 18 cents each share. In contrast with 2012's second quarter, the bank generated US$284 million or 20 cents each share.
On average, analyst expected the regional banks' earnings to be 21 cents each share on total revenue of US$1.31 billion. However, the company reported a revenue decline from last year's US$1.35 billion to US$1.31 billion.The deposits and loan deals Regions Financial Corp was able to get amounted to US$808 million for the quartile. The figure was down roughly 4% from last year's US$838 million.
Regions Bank's parent company wrote off US$144 million in loans that were considered as uncollectible. The bank's assets that weren't earning including loans that were in danger of default slumped 27% to US$1.7 billion from US$2.33 billion in 2012. Regions Bank stated that it would venture more on projects that would reduce the costs and increase its earnings.
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