Alabama-based Regions Financial misses quarterly earnings estimates

Published 8:27 am Friday, October 21, 2022

Regions Financial Corp. (RF) on Friday reported third-quarter profit of $429 million.

The bank, based in Birmingham, Alabama, said it had earnings of 43 cents per share. Earnings, adjusted for non-recurring costs, were 56 cents per share.

The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.

The holding company for Regions Bank posted revenue of $1.95 billion in the period. Its revenue net of interest expense was $1.87 billion, which topped Street forecasts. Eight analysts surveyed by Zacks expected $1.81 billion.