UPDATE: Regions Financial Q1 Net Profit Rises 68%

Regions Financial

reported a 68% rise in its first-quarter profit. Regions Financial's quarterly profit surged to $335 million, from $199 million, in the year-ago period. Its per-share earnings rose to $0.23 from $0.11. Its revenue dropped 3.8% to $1.3 billion. However, analysts were expecting earnings of $0.20 per share on revenue of $1.33 billion. Its non interest expense declined 7.8% to $842 million. Regions Financial shares closed at $7.73 yesterday.