- Regions Financial Corporation RF clocked revenue growth of 22% year over year in the first quarter of FY23 to $1.95 billion. Revenues, however, missed the consensus of $1.97 billion.
- Net interest income jumped 39.6% Y/Y to $1.42 billion.
- Provision for credit losses in the quarter under review stood at $135 million, compared to the benefit of $36 million in the year-ago period.
- Common Equity Tier 1 ratio at the Q1 end totaled 9.8%, higher than 9.4% in 1Q22.
- Net income available to common shareholders totaled $588 million, up 12.2% Y/Y. The company reported EPS of $0.62, up 12.7% Y/Y, missing the consensus of $0.66.
- The company had total available liquidity of approximately $54 billion as of March 31, 2023.
- On April 19, Regions Financial declared a cash dividend of $0.20 on the outstanding common stock, payable on July 3, 2023, to stockholders of record on June 2, 2023.
- "Despite the recent turmoil in the industry, we delivered another solid quarter that underscores our commitment to generating consistent, sustainable long-term performance," said John Turner, President and CEO of Regions Financial.
- Price Action: RF shares are trading lower by 1.54% at $18.60 during the premarket session on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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