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Regions Financial's stock sinks after swinging to surprise loss
Shares of Regions Financial Corp. sank 3.6% in premarket trading Friday, after the Alabama-based regional bank reported a surprise second-quarter loss, as credit loss provisions exceeded expectations, although revenue rose more than forecast. The bank swung to a net loss of $237 million, or 25 cents a share, from net income of $374 million, or 37 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 5 cents. Total revenue grew 7.6% to $1.55 billion, as net interest income increased 3.0% to $985 million to beat the FactSet consensus of $969.5 million and noninterest income rose 16% to $573 million to top expectations of $489.6 million. Net interest margin fell to 3.19% from 3.45% to miss expectations of 3.26%. Provision for credit losses increased to $882 million from $92 million, above the FactSet consensus of $514.2 million. COVID-19-related expenses for the quarter were $19 million, up from $4 million in the first quarter. The stock has gained 13.5% over the past three months through Thursday, while the SPDR S&P Bank ETF has advanced 10.4% and the S&P 500 has gained 11.9%.
https://finance.yahoo.com/m/b8b44a9.../regions-financial's-stock.html?.tsrc=rss
Shares of Regions Financial Corp. sank 3.6% in premarket trading Friday, after the Alabama-based regional bank reported a surprise second-quarter loss, as credit loss provisions exceeded expectations, although revenue rose more than forecast. The bank swung to a net loss of $237 million, or 25 cents a share, from net income of $374 million, or 37 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 5 cents. Total revenue grew 7.6% to $1.55 billion, as net interest income increased 3.0% to $985 million to beat the FactSet consensus of $969.5 million and noninterest income rose 16% to $573 million to top expectations of $489.6 million. Net interest margin fell to 3.19% from 3.45% to miss expectations of 3.26%. Provision for credit losses increased to $882 million from $92 million, above the FactSet consensus of $514.2 million. COVID-19-related expenses for the quarter were $19 million, up from $4 million in the first quarter. The stock has gained 13.5% over the past three months through Thursday, while the SPDR S&P Bank ETF has advanced 10.4% and the S&P 500 has gained 11.9%.
https://finance.yahoo.com/m/b8b44a9.../regions-financial's-stock.html?.tsrc=rss
