Shares rise 1.56% as third-quarter revenue trails $1.99 billion estimate
Regions Financial on Thursday reported third-quarter profit of $611 million, up from $549 million in the same quarter a year earlier. The bank parent said earnings came to 71 cents a share, compared with 64 cents a share a year ago.
Stripping out one-time items, earnings came in at 73 cents a share, the company said. Analysts polled by FactSet had expected adjusted earnings of 66 cents a share.
Total company revenue climbed 3% to $1.97 billion, just below the $1.99 billion Wall Street had projected, according to the FactSet consensus.
Net interest income, the difference between what banks earn on loans and what they pay on deposits, rose 3.3% to $1.3 billion. Regions attributed the increase to fixed-rate asset turnover, average loan growth, higher hedging income, and credit interest recoveries.
Non-interest income rose 2.4% to $675 million.
Regions Financial shares rose 1.56% in Thursday trading.
Connor Hart, a reporter on The Wall Street Journal’s Real-Time Desk, contributed to this article.