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UPDATE 1-Fulton Financial Q2 profit misses Street by a penny
July 20, 2010 / 9:27 PM / in 7 years

UPDATE 1-Fulton Financial Q2 profit misses Street by a penny

* Q2 EPS $0.14 vs est $0.15

* Non-performing assets rise to 2.06 pct of total assets

* Provisions fall 20 pct

July 20 (Reuters) - U.S. regional bank Fulton Financial Corp (FULT.O) posted a second-quarter profit that missed Wall Street expectations by a penny, as non-performing loans increased.

For the quarter, the lender earned $26.6 million, or 14 cents a share, compared with $8.1 million, or 5 cents a share, a year earlier.

Analysts on average had expected the company to earn 15 cents a share, excluding items, according to Thomson Reuters I/B/E/S.

Non-performing assets stood at $342.6 million, or 2.06 percent of total assets, compared with $292.2 million, or 1.73 percent of total assets, a year-ago.

Provisions for loan losses fell 20 percent to $40 million.

Shares of the Lancaster, Pennsylvania-based company closed at $9.84 Tuesday on Nasdaq. (Reporting by Jochelle Mendonca in Bangalore; Editing by Maju Samuel)

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