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Banking earnings roundup: Cost-cutting continues

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Banking earnings roundup: Cost-cutting continues

SNL presents a daily snapshotof earnings for banks over $10 billion in assets. Click hereto read all of SNL's earnings coverage.

Comerica Inc.reported second-quarternet income attributable to common shares of $103 million, or 58 cents per share.That compares to $134 million, or 73 cents per share, in the year-ago quarter.

The bank announced an efficiency initiative that projects a 9%reduction in employees and the consolidation of 40 banking locations. Comerica executivesexpect the program to produce an additional $230 million in pretax income by theend of 2018.

For more information,check out: Comerica details return-boostinginitiative, rate hike impact


Regions FinancialCorp. reportednet income available to common shareholders of $259 million, or 20 cents per share,for the second quarter of 2016. That compares to $269 million, or 20 cents per share,for the year-ago quarter.

The bank's earnings fell amid rising energy lending charge-offsand a significant charge related to a cost-cutting program. Still, Regions executivessaid consumer lending offset the cost positively and that ongoing branch closuresshould continue to ease costs on a long-term basis.

For more information,check out: For Regions, energyremains a drag but consumer lending solid


Synovus FinancialCorp. reported second-quarter net income available to common shareholdersof $57.9 million, or 46 cents per share. That compares to $53.2 million, or 40 centsper share, in the same quarter of 2015.

The bank's executives said that the company is easing up on commercialreal estate lending, a move that that they pointed out was in line with recent . In the secondquarter, Synovus grew total loans by 5.3% annualized from the linked quarter. Meanwhile,the bank's CRE loan portfolio fell by 5.6% annualized.

For more information,check out: Eyeing certain markets,Synovus slows CRE growth