* Posts sixth straight qtrly loss
* Q2 loss $1.23/common share
* Loan loss provisions rises more than two-fold
July 21 (Reuters) - Financial services firm South Financial Group Inc posted its sixth straight quarterly loss weighed down by higher provision for credit losses.
The Greenville, South Carolina-based bank posted net loss available to common shareholders of $111.5 million, or $1.23 a share, compared with a loss of $16.8 million, or 23 cents a share, last year.
Operating loss available to common shareholders was $1.12 a share.
Analysts expected the company to post a loss of 78 cents a share, excluding items, according to Reuters Estimates.
Provision for loan losses rose more than two-fold to $131.3 million.
Net interest income fell 14.2 percent to $85.9 million.
'While credit will remain challenging, we have prepared for it by building our capital position and loan loss reserves,' Chief Executive Lynn Harton said in a statement.
In June, the bank offered 75 million of its common shares at a huge discount, as part of it plans to raise up to $315 million via an equity offering and conversion of preferred and hybrid securities.
Shares of the company fell 3 cents to $1.02 in trading after the bell. The stock closed at $1.05 Tuesday on Nasdaq.
(Reporting by Supantha Mukherjee in Bangalore, Editing by Saumyadeb Chakrabarty) 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.
* Q2 loss $1.23/common share
* Loan loss provisions rises more than two-fold
July 21 (Reuters) - Financial services firm South Financial Group Inc posted its sixth straight quarterly loss weighed down by higher provision for credit losses.
The Greenville, South Carolina-based bank posted net loss available to common shareholders of $111.5 million, or $1.23 a share, compared with a loss of $16.8 million, or 23 cents a share, last year.
Operating loss available to common shareholders was $1.12 a share.
Analysts expected the company to post a loss of 78 cents a share, excluding items, according to Reuters Estimates.
Provision for loan losses rose more than two-fold to $131.3 million.
Net interest income fell 14.2 percent to $85.9 million.
'While credit will remain challenging, we have prepared for it by building our capital position and loan loss reserves,' Chief Executive Lynn Harton said in a statement.
In June, the bank offered 75 million of its common shares at a huge discount, as part of it plans to raise up to $315 million via an equity offering and conversion of preferred and hybrid securities.
Shares of the company fell 3 cents to $1.02 in trading after the bell. The stock closed at $1.05 Tuesday on Nasdaq.
(Reporting by Supantha Mukherjee in Bangalore, Editing by Saumyadeb Chakrabarty) 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.