Regions Financial sees profits triple in 2Q

Regions Financial Corp.’s second-quarter profit more than tripled as the regional lender sharply reduced its provision for loans gone bad, sending its shares higher in premarket trading. The Wall Street Journal reports the Birmingham, Ala., parent company of Regions Bank, which has about 17 branches in the Capital Region, has struggled to find firm footing after suffering heavy losses from real-estate loans gone bad during the financial crisis. As with other lenders, Regions’ bottom line has been helped of late by reduced provisions set aside to cover souring loans, but revenue growth has been a greater challenge amid continued low interest rates. Regions reported a profit of $355 million on the quarter, up from $109 million, a year earlier. On a per-share basis, which reflects the payment of preferred dividends, earnings improved to 20 cents from 4 cents. Analysts polled by Thomson Reuters had most recently forecast earnings of 15 cents. Get more details in the full story here. Meanwhile, New Orleans-based Gulf Coast Bank & Trust Co. on Monday also reported it’s having a strong year. The bank, which has two branches in Baton Rouge, says earnings for the first half of 2012 are 24% higher than the same period in 2011, with pre-tax earnings totaling $4.4 million.