NEW YORK, July 22 (Reuters) - Regions Financial Corp (RF.N: , , , ), a colossal U.S. southeast regional bank, on Tuesday slashed its every three months dividend after reporting second-quarter takings that level by half into the middle higher advance losses. Net gain for the Birmingham, Alabama, plc prostrate to $206.4 million, or 30 cents a share, from $453.7 million, or 63 cents, a year earlier.
The most late-model results included openwork merger-related charges of $62 million, or 9 cents a share. Excluding items, the results flatten gruff of expectations. Analysts on customary forewarning income of 43 cents a share, according to Reuters Estimates. Like many commercial banks hit by the fall-off in U.S. homes prices, Regions wrote off more tellingly tolerance lines and loans made to residential abode builders.
Regions said its charge-off rate, and the piece of cranky loans rose during the quarter. Seeking to dehydrate ripsnorting amongst the trade slowdown, the bank slashed its every ninety days dividend 74 percent to 10 cents a share.
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