Regions Financial Corp. (NYSE: RF) reported a decline in net income and revenues for the first quarter of 2024. Net interest income decreased by about 16%
- Net income available to common shareholders declined to $343 million or $0.37 per share in Q1 from $588 million or $0.62 per share last year
- The company reported $1.75 billion in total revenue during the quarter, compared to $1.95 billion in Q1 2023
- Q1 net interest income decreased to $1.18 billion from $1.42 billion in the prior-year period
- Net interest margin was 3.55% in the March quarter, compared to $4.22% a year earlier
- Total non-interest income came in at $563 million during the three months, vs. $534 million in the same period last year
- Total loans were $97.42 billion in Q1, vs. $97.28 billion last year; total deposits declined to $127.1 billion from $129.0 billion a year earlier