Regions Financial Corp RF reported weaker-than-expected earnings for the third quarter on Tuesday.
The Birmingham, Alabama-based company reported a quarterly profit of $258 million, or $0.18 per share, compared to $320 million or $0.22 per share, in the year-ago period. Its earnings from continuing operations declined to $0.19 per share from $0.21 per share.
Its revenue rose 1.2 percent to $1.33 billion. However, analysts were expecting earnings of $0.20 per share on revenue of $1.33 billion.
The bank's lending climbed 5.7 percent, while deposits rose 3.4 percent.
Its net interest margin shrank to 3.13 percent in the latest quarter, versus 3.18 percent, a year ago.
Non-interest income rose 1 percent on an adjusted basis, while non-interest expenses climbed 8 percent.
"This quarter's results affirm that our focus on meeting customer needs and diversifying our business model is producing results," said Grayson Hall, chairman, president and CEO. "We acquired new customers and increased loans to consumers and businesses while also growing net interest income."
Regions Financial shares fell 0.78 percent to close at $8.95 yesterday.
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