Regions Financial in Birmingham, Ala., reported higher third-quarter earnings, as cost cuts offset declines in net interest income and fee income.
Net income rose 7% to $305 million, or 22 cents per share, from a year earlier. Total revenue fell 1.5% to $1.29 billion.
Net interest income fell 0.4% to $821 million. The net interest margin fell 6 basis points to 3.18%.
Fee income fell 3.4% to $478 million.
Noninterest expense fell 6.6% to $826 million.
The $119 billion-asset Regions described its loan growth as "modest" and said that it was remaining "prudent and disciplined" in managing risk. Total loans rose 1.4% to $75.4 billion.
