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.
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.”
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