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Regions posts 1% quarterly earnings increase

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Birmingham, Ala.-based Regions Financial Corp. recorded a 1 percent increase in earnings in the first quarter, according to its April 15 quarterly report.

The bank’s net income increased to $336.7 million, or 48 cents per diluted share, from $333 million, or 45 cents per diluted share, in first-quarter 2007.

Net interest income fell 12.7 percent to $1.03 billion for the quarter, while noninterest income increased 30.3 percent to $908.3 million.

The corporation posted first-quarter gains of $91.2 million from the initial public offering of Visa, through the sale of the bank’s common stock, as well as $91.6 million in gains from investment securities sales.

Shares of Regions Financial (NYSE: RF) closed April 28 at $22.28, compared to a 52-week range of $17.90 to $36.66.

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