Regions Financial Q1 Profit Declines - Quick Facts

(RTTNews) - Regions Financial Corp. (RF) reported first-quarter net income available to common shareholders of $218 million, or $0.16 per share, down from $307 million, or $0.22 per share in the comparable quarter last year. On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the latest first quarter was $1.29 billion, up from $1.27 billion a year earlier. Wall Street analysts' revenue consensus was $1.27 billion for the quarter.

Quarterly net interest income declined to $815 million from $816 million in the year-ago quarter, while non-interest income rose year-over-year to $470 million from $457 million.

"Diversifying revenue, generating positive operating leverage and effectively deploying capital are top priorities for our company, and our first quarter results illustrate that we are successfully executing on our strategy," said Grayson Hall, chairman, president and CEO. "Regions achieved positive operating leverage, grew important sources of non-interest income in the wealth management and mortgage businesses and reduced expenses on an adjusted basis."