Regions Bank reports 22% quarterly revenue boost
The bank's headcount has grown steadily over the last year.
Regions Bank's first-quarter revenue was $2 billion, a 22% increase from 2022.
Regions Financial Corp. reported a first-quarter net profit available to common investors of $588 millions and earnings per share diluted of $0.62.
John Turner, President and CEO of the company, said: "Our commitment to prudent risk management as well as our relationship banking approach has allowed us to create a balanced and varied business."
The net income of Regions was $612 millions, a decrease from $685 in the fourth quarter but an increase from $548 in the first quarter.
At the end the first three months, Regions totaled $98 billion in loans. This is up from $97 at the close of the fourth and $89 at the close of the last quarter. At the end the first three months, its total deposits stood at over $128 billion. This is down from $132 billion during the fourth quarter as well as $141 billion towards the beginning of last year.
At the end the first quarter of this year, the bank had 20,113 equivalent full-time associates. This is up from 20,073 and 19,723 respectively at the close of the fourth quarter.