Regions Financial Corp (RF) has reported a 10.26 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $301 million, or $0.23 a share in the quarter, compared with $273 million, or $0.20 a share for the same period last year.
Revenue during the quarter grew 3.51 percent to $1,299 million from $1,255 million in the previous year period. Non-interest income for the quarter rose 0.79 percent over the last year period to $510 million.
Regions Financial Corp has made provision of $70 million for loan losses during the quarter, down 38.05 percent from $113 million in the same period last year.
Net interest margin improved 6 basis points to 3.25 percent in the quarter from 3.19 percent in the last year period. Efficiency ratio for the quarter deteriorated to 63.10 percent from 62.50 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
“Our first-quarter performance reflects a solid start to 2017. We achieved solid growth in fundamental areas such as checking accounts, wealth management relationships, and active credit cards as well as strong growth in net interest income and other financing income,” said Grayson Hall, Chairman, President and CEO. “In addition, we are diligently controlling expenses and successfully executing our strategic plan, including, staying focused on serving customer needs and continued action steps to diversify our business. Given the operating environment, we remain well-positioned to benefit from rising interest rates and our solid capital position.”
Deposits stood at $99,424 million as on Mar. 31, 2017, up 1.29 percent compared with $98,154 million on Mar. 31, 2016.
Loans to deposits ratio was 80.30 percent for the quarter, down from 83.10 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $37,022 million or 37.24 percent of total deposits on Mar. 31, 2017, compared with $35,153 million or 35.81 percent of total deposits on Mar. 31, 2016.
Investments stood at $25,424 million as on Mar. 31, 2017, up 1.27 percent or $318 million from year-ago. Shareholders equity was at $16,722 million as on Mar. 31, 2017.
Return on average assets moved up 8 basis points to 0.90 percent in the quarter from 0.82 percent in the last year period.
Nonperforming assets moved down 1.71 percent or $19 million to $1,093 million on Mar. 31, 2017 from $1,112 million on Mar. 31, 2016.
Book value per share was $13.20 for the quarter, up 2.64 percent or $0.34 compared to $12.86 for the same period last year.
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