Marshall & Ilsley Corp.'s second-quarter loss narrowed as the depository said credit quality was improving and its loan-loss provisions declined.
But its earnings missed analysts' estimates. "Loan-loss provision and net charge-offs were consistent with the first quarter and substantially better than last year," said president and chief executive Mark Furlong. "This continues the progress we have made in addressing asset quality challenges through our early identification of problem credits."
The Wisconsin-based depository has continued to struggle, posting seven straight quarters in the red, although results have improved along with other banks. Marshall & Ilsley's loan-loss provisions have fallen, though not as steeply as some others'.
Marshall & Ilsley reported a loss of $173.8 million, or 33 cents a share, from a year-earlier loss of $234 million, or 83 cents. The year-earlier quarter included a net 8 cents of gains. Revenue dropped 12% to $581.3 million.
The bank is a top 60 ranked residential lender.
