Regions Financial Q1 Highlights: 22% Revenue Growth, Earnings Miss, Solid Net Interest Income & More

April 21, 2023

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Regions Financial Corporation (NYSE: 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.