Regions Financial Corp. Q1 Profit Increases, Beats Estimates

(RTTNews) - Regions Financial Corp. (RF) announced earnings for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $465 million, or $0.51 per share. This compares with $343 million, or $0.37 per share, last year.

Excluding items, Regions Financial Corp. reported adjusted earnings of $487 million or $0.54 per share for the period.

Analysts on average had expected the company to earn $0.51 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 2.1% to $1.784 billion from $1.747 billion last year.

Regions Financial Corp. earnings at a glance (GAAP) :

-Earnings: $465 Mln. vs. $343 Mln. last year. -EPS: $0.51 vs. $0.37 last year. -Revenue: $1.784 Bln vs. $1.747 Bln last year.

For the first quarter, the company reported net interest income of $1.194 billion, higher than $1.184 billion, recorded for the same period last year. Non-interest income also moved up to $590 million from the prior year’s $563 million.

RF was up by 12.47 percent at $21.56 in the pre-market trade on the New York Stock Exchange.