Oct 22 (Reuters) - Regions Financial Corp’s third-quarter profit nearly tripled as the southeastern U.S. regional bank set aside far less money to cover bad loans.
Net income available to common shareholders rose to $301 million, or 21 cents per share, from $101 million, or 8 cents per share, a year earlier.
Provisions for loan losses fell to $33 million, less than a tenth of what they were a year earlier.
The Birmingham, Alabama-based bank has struggled with real estate-related loan losses since the U.S. housing market collapsed in 2007. It was one of the last large banks to repay government bailout funds received in 2008.