Q2 2024 Regions Financial Corp Earnings Call Transcript
Key Points
- Regions Financial Corp (RF) reported strong second-quarter earnings of $477 million, resulting in earnings per share of $0.52.
- Total revenue remained relatively stable at $1.7 billion on a reported basis and $1.8 billion on an adjusted basis.
- Broad-based improvement in overall asset quality was observed, with non-performing and business services criticized loans as well as net charge-offs improving sequentially.
- Net interest income increased modestly during the quarter, outperforming expectations.
- Wealth management increased 3% to a new quarterly record, reflecting increased sales activity and stronger markets.
- Fee revenue declined modestly compared to the first quarter, driven primarily by lower capital markets and mortgage income.
- Ending deposits declined modestly during the quarter, consistent with seasonal tax-related patterns.
- Adjusted non-interest income declined 3%, driven primarily by lower capital markets and mortgage income.
- Provision expense was essentially equal to net charge-offs at $102 million, and the resulting allowance for credit loss ratio remained relatively stable at 1.78%.
- Operational losses decreased during the quarter, but current activity continues to normalize within expected levels.
Good morning and welcome to the Regions Financial Corporation's quarterly earnings call. My name is Christine, and I will be your operator for today's call. (Operator Instructions)
I will now turn the call over to Dana Nolan to begin.
Thank you, Christine. Welcome to Regions second-quarter 2024 earnings call. John and David will provide high-level commentary regarding our results. Earnings documents, which include our forward-looking statement disclaimer and non-GAAP information, are available in the Investor Relations section of our website. These disclosures cover our presentation materials, prepared comments, and Q&A.
I will now turn the call over to John.
Thank you, Dana, and good morning, everyone. We appreciate you joining our call today. This morning, we reported strong second-quarter earnings of $477 million,
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