Regions Financial Corp (RF) reported fourth quarter EPS from continuing ops of $0.37 on revenue of $1.44 billion. Analysts had expected the financial services firm to post earnings of $0.38 per share on revenue of $1.48 billion. Profit per share jumped 42%, while revenue increased 1.8% compared to the year-ago quarter.
For the year ending December 31, 2018, Regions Financial posted EPS from continuing ops of $1.36 versus $0.98 in the prior year.
“This year we delivered high-quality growth in loans, non-interest income and households while also building a more efficient and effective company,” said John Turner, CEO.
On an adjusted basis, net interest income and other financing income increased 6% for the recently ended quarter, helped by the higher interest rates and average loan balances. Non-interest income decreased 5% on an adjusted basis.
Adjusted average loans increased 4% over the prior-year quarter. Total average deposit balances decreased 4% from the prior year as growth in average Consumer segment deposits was offset by strategic reductions in Wealth Management and Other segment deposits.
Regions’ peer SunTrust Banks (STI) also reported its Q4 earnings on Friday before the bell. SunTrust shares rose about 5% in the pre-market as the results beat Consensus’ predictions.
Shares of Regions Financial closed Thursday’s session at $15.61, up 1.36%. The stock has a one year low of $12.39 and one year high of $20.21.
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