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Infographic: Regions Financial Q2 2020 earnings

Increased provision for bad debt pushes Regions Financials into a quarterly loss in Q2

Regions Financial Corporation (NYSE: RF) reported second-quarter financial results before the regular trading hours on Friday. The bank holding company reported a loss of 25 cents per share, even as analysts expected a profit of 6 cents per share. Meanwhile, total revenue of $1.54 billion was above the street expectation of $1.47 billion.

RF shares fell 5% during pre-market hours on Friday. The stock has declined 36% since the beginning of this year.

Regions Financial Q2 2020 earnings

Looking forward to listening to management/ analysts comments on Q2 results? Stay tuned here for Regions Financial Q2 2020 earnings call transcript

CEO John Turner said, “Our reported net loss reflects a significant credit loss provision that provides for potential future losses in the severely adverse economy in which we are operating.”

In Q2, provision for credit losses was $882 million, compared to $92 million a year ago.

The CEO added, “The actions we have taken over time to strengthen and diversify our business, de-risk our loan book, deploy an effective interest rate hedging program and streamline our operating model have positioned us to support our customers and communities through these challenges.”

Also Read:  Infographic: Bank of America (BAC) Q2 2020 earnings results

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