Regions Financial Q1 Profit Climbs, Tops Estimates - Quick Facts

(RTTNews) - Regions Financial Corp. (RF) reported Friday that its first-quarter net income available to common shareholders increased 18 percent to $257 million from $220 million last year. Earnings per share were $0.20, an increase of $0.04 from $0.16 last year.

On average, 32 analysts polled by Thomson Reuters expected earnings of $0.19 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter increased 6.5% to $1.37 billion from last year's $1.29 billion. Adjusted total revenue, taxable-equivalent basis revenues grew 7.4 percent to $1.39 billion. Analysts were looking for revenues of $1.34 billion.

Net interest income and other financing income increased 6 percent. Non-interest income increased 10 percent on an adjusted basis.

Average loans and leases increased 5 percent. Average deposit balances increased 2 percent

Chairman, President and CEO Grayson Hall said, "These results illustrate that we are successfully executing our strategic plan, which includes reducing expenses so we can invest in new revenue initiatives. We are demonstrating that we can increase revenue while prudently managing expenses, which puts us on track to reach our long-term performance targets."