Regions Financial Corp., the parent company of one of Chattanooga's biggest banks, said today its second quarter income rose 12 percent to $300 million, or 21 cents per share. The results were in line with analysts projections.
The Alabama-based banking firm cut expenses to more than offset a 2 percent decline in revenues, which totaled $1.28 billion during the three months ended June 30. The loan portfolio for Regions Bank rose 1.1 percent to $77 billion.
"These results demonstrate continued momentum as we effectively execute our business plans," Regions CEO Grayson Hall said in a statement.