Regions Bank saw second-quarter gains across all of its wealth management businesses, according to the bank's quarterly financial results released on Tuesday.
The Birmingham-Ala.-based bank generated $97 million in second-quarter revenue from its brokerage, trust and insurance operations, up $7 million, or 7.8%, year-over-year. Revenue from wealth management services did, however, see a $1 million, or 1%, decline from the previous quarter.
Revenue from the bank's investment management and trust services continued to lead all other wealth management lines, generating $51 million, an 8.5% year-over-year increase. Trust revenue was flat from from the prior quarter.
Insurance commissions and fees are its second biggest revenue producers, bringing in $33 million, up $1 million, or 3.1%, from $32 million a year ago, but down 5.7% from $35 million in the previous quarter.
Regions' retail brokerage business, the bank's smallest contributor to wealth management income, posted significant gains, growing 18.2% to $13 million from $11 million a year ago. Revenue from retail brokerage was also up 8.3% from last quarter.
Overall, Regions Financial, the parent of Regions Bank, earned $269 million, or 20 cents a share, in second-quarter profits, down from $288 million, or 21 cents per share, in the same period of 2014.
"We continued to grow loans, increasing 2% over the previous quarter, and we also grew fee revenue from sources such as capital markets, mortgage and cards," Grayson Hall, chairman, president and CEO of Regions, in a statement. "We are continuing to expand our customer base and deepen those relationships by meeting more customer needs, which is creating sustainable growth."
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