Areas Monetary Company (RF) Q2 2024 Earnings Name Transcript

Areas Monetary Company (NYSE:RF) Q2 2024 Outcomes Convention Name July 19, 2024 10:00 AM ET

Firm Contributors

Dana Nolan – EVP, IR
John Turner – President and CEO
David Turner – CFO

Convention Name Contributors

Ryan Nash – Goldman Sachs
Scott Siefers – Piper Sandler
Ken Usdin – Jefferies
Erika Najarian – UBS
Ebrahim Poonawala – Financial institution of America
Matt O’Connor – Deutsche Financial institution
Chris Spahr – Wells Fargo
Gerard Cassidy – RBC
John Pancari – Evercore
Betsy Graseck – Morgan Stanley

Operator

Good morning. And welcome to the Areas Monetary Company’s Quarterly Earnings Name. My title is Christine and I will probably be your operator for right now’s name. I wish to remind everybody that each one participant telephone traces have been positioned on listen-only. On the finish of the decision, there will probably be a question-and-answer session [Operator Instructions].

I’ll now flip the decision over to Dana Nolan to start.

Dana Nolan

Thanks, Christine. Welcome to Areas’ Second Quarter 2024 Earnings Name. John and David will present excessive stage commentary concerning our outcomes. Earnings paperwork, which embrace our forward-looking assertion disclaimer and non-GAAP data, can be found within the Investor Relations part of our Site. These disclosures cowl our presentation supplies, ready feedback and Q&A. I’ll now flip the decision over to John.

John Turner

Thanks, Dana. And good morning, everybody. We recognize you becoming a member of our name right now. This morning, we reported sturdy second quarter earnings of $477 million, leading to earnings per share of $0.52. For the second quarter, complete income remained comparatively steady at $1.7 billion on a reported foundation and $1.Eight billion on an adjusted foundation as internet curiosity revenue remained resilient and price income declined modestly in comparison with the primary quarter. As anticipated, adjusted non-interest bills declined quarter-over-quarter and are anticipated to stay at this approximate stage for the rest of the 12 months. Common and ending loans remained comparatively