Regions Financial Corp (NYSE:RF) reported earnings for the fourth quarter closed December 31, 2017. For the reported quarter, the firm posted net income of $318 million and earnings from continuing operations of $0.27 per diluted share.
For FY2017, Regions Financial posted net income of $1.2 billion from continuing operations, a jump of 9% over the previous year, and earnings from continuing operations of $1 per diluted share, a jump of 15%. Pre-tax pre-provision income surged 4% over the previous year generating around 2% in positive operating leverage. The company reported that adjusted pre-tax pre-provision income jumped 6% over the prior year recording around 2% in positive operating leverage computed on an adjusted basis.
Grayson Hall, the CEO and Chairman of Regions Financial, reported that these results showcase a strong fourth quarter and close to 2017 as their teams made evident progress in implementing company’s strategic plan to offer greater value for their shareholders and customers. As they look ahead to their 2018 priorities, they are moving forward with company’s Simplify and Grow measure, which will further place Regions Financial for sustainable, long-term development.
As part of this initiative, they are performing a fresh, comprehensive assessment of the firm with the objective of consistently enhancing the experience consumers have with Regions Financial. They are identifying types to streamline organizational structure and processes while expediting service and product improvements that make it convenient for people to bank with them.
The CEO of Regions added that earlier this month, they were also delighted to report new investments in their associates, their services and products, and their communities as an outcome of the savings they anticipate from federal tax reform.
Hall concluded that these investments, counting a better minimum hourly wage and increased support for revenue growth, economic development, product innovation, and more, are all major to helping company carry out its mission and establish shared value for their customers, their associates, their communities, and their shareholders.