BIRMINGHAM, Ala. (AP) -- Regions Financial Corp. said Tuesday its net income climbed in the first quarter as it set aside less money to cover losses on loans.
The big regional bank said its net income after dividends jumped 76 percent compared with a year ago. Regions Financial reported a much smaller provision for loan losses, and its results from last year also included a loss of $40 million from discontinued operations.
Regions Financial said its net income rose to $325 million, or 23 cents per share, from $185 million, or 11 cents per share. Revenue fell 4 percent, to $1.3 billion from $1.35 billion. The company said its net interest income and noninterest income both fell 4 percent.
Analysts were forecasting net income of 20 cents per share and $1.33 billion in revenue, according to FactSet.
The company said its net interest income fell to $798 million. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank's ability to profit from its lending. Noninterest income, which comes from sources like fees, insurance and gains on securities, fell 4 percent to $501 million.
Regions Financials' provision for loan losses decreased to $10 million from $117 million.
Regions Financial has 1,700 offices and 2,000 ATMs in 16 states in the South, Midwest, and Texas. The company said it has about $120 billion in assets.
Shares of Regions Financial rose 15 cents, or 2 percent, to $7.88 in morning trading.
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