Regions Financial Corp. reported its highest adjusted pre-tax, pre-provision income in over a decade in the second quarter of 2020. However, this solid core business performance was offset by loan loss provisions as a result of the challenging economic environment caused by the coronavirus pandemic, resulting in a $237 million net loss for the quarter overall. Chief Financial Officer David Turner says the company and the banking industry in general are better positioned now than they were during the last major economic downturn.
“We really want to be a source of strength for our customers,” Turner shared. “We have more capital, and we have more liquidity to help stand behind and support our customers through this uncertain time.”
In the video below, Turner discusses the company’s performance and talks about Regions’ perspective on credit, plans to prioritize investments in digital channels, and what is next for the company.