Regions Financial (NYSE: RF) reported Tuesday that it swung to a first-quarter profit of $17 million, or 1 cent a share, from a loss of $255 million, or 21 cents a share, in the year-earlier quarter. Net interest income for the three-month period rose to $863 million from $831 million in the prior year. Analysts, on average, expected the company to report a loss of 10 cents per share on revenue of $1.63 billion.
Net charge-offs decreased $201 million or 29 percent versus prior quarter.
"We're making solid headway towards sustainable profitability and key credit metrics continue to improve," stated Grayson Hall, president and chief executive officer. "The economic recovery is slow--especially in our southeastern markets--but our focus on customers is paying off. We're taking market share, gaining new customers and expanding existing relationships. At the same time, we are improving productivity and efficiency and taking steps to expediently and prudently deal with credit problems and more stressed credit portfolios."
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