Dallas, Texas 04/25/2014 (FINANCIALSTRENDS) – Regions Financial Corporation (NYSE:RF) which is a banking major which has its banking activities centred around the south east of U.S reported its 1Q2014 operation results on 22nd April before markets opened.
Regions Financial Corporation (NYSE:RF) Chairman of the Board, President, Chief Executive Officer of the Company and the Bank O. B. Grayson Hall, Jr in his post earnings call comments has been quoted to have said that, “We grew quality households in all areas including consumer, business and wealth management. By adhering to our strategy reset Regions’ three equity to serving our customers, we were also deepening customer relationships. We want to be the first choice in our markets when it comes to beating customers financial needs, whether through quality customer service, superior competitive products or enhanced alternative delivery channels”.
The highlights of the earnings call are as follows. Regions Financial Corporation (NYSE:RF) reported earnings of 22 cents per share for the quarter, which was slightly down from the 23 cents it had reported in 1Q13. The drop in EPS was on the back of net income coming down by $16 million for the quarter, which translated to a 5 percent dip over 1Q13 to settle at $311 million. The dip was caused by the 13 percent drop in the banking firm’s noninterest income to level out at $438 million. Mortgage income was the key component of the non interest income that the bank records and had dropped by a huge 44 percent in the reporting quarter to come in at $40 million.
In order to cope with the decrease in revenue, the bank instituted measures to cut down cost to the tune of $25 million. 1Q14 expenses came in at $817 million. The firm also managed to post net income from interest of $814 million for the reporting quarter.