* Posts fifth straight quarterly loss
* Net interest income falls 8 pct to $85 mln
* Total non-interest expense falls 66 pct
April 21 (Reuters) - Financial services firm South Financial Group Inc posted its fifth straight quarterly loss, which was also wider than expected, weighed down by high credit costs.
The Greenville, South Carolina-based bank posted a operating loss available to common shareholders of $88.6 million, or $1.08 a share, compared with a loss of $14.6 million, or 20 cents a share, last year.
Analysts on average expected the company to post a loss of 80 cents a share, excluding items, according to Reuters Estimates.
However, the company saw a 66 percent drop in total non-interest expenses to $90.2 million during the quarter.
'Expense control is critical during tough economic times. As a team, we're guarding every expense dollar as if it were coming out of our own pocket, and we're pleased to see our expense actions take hold this quarter,' Chief Executive Lynn Harton said in a statement.
Shares of the company closed at $1.84 Tuesday on Nasdaq.
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(Reporting by Supantha Mukherjee in Bangalore; Editing by Himani Sarkar) Keywords: SOUTHFINANCIAL/ (supantha.mukherjee@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: supantha.mukherjee.reuters.com@reuters.net;) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Net interest income falls 8 pct to $85 mln
* Total non-interest expense falls 66 pct
April 21 (Reuters) - Financial services firm South Financial Group Inc posted its fifth straight quarterly loss, which was also wider than expected, weighed down by high credit costs.
The Greenville, South Carolina-based bank posted a operating loss available to common shareholders of $88.6 million, or $1.08 a share, compared with a loss of $14.6 million, or 20 cents a share, last year.
Analysts on average expected the company to post a loss of 80 cents a share, excluding items, according to Reuters Estimates.
However, the company saw a 66 percent drop in total non-interest expenses to $90.2 million during the quarter.
'Expense control is critical during tough economic times. As a team, we're guarding every expense dollar as if it were coming out of our own pocket, and we're pleased to see our expense actions take hold this quarter,' Chief Executive Lynn Harton said in a statement.
Shares of the company closed at $1.84 Tuesday on Nasdaq.
For the alerts, double-click
(Reporting by Supantha Mukherjee in Bangalore; Editing by Himani Sarkar) Keywords: SOUTHFINANCIAL/ (supantha.mukherjee@thomsonreuters.com; within U.S.+1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: supantha.mukherjee.reuters.com@reuters.net;) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.