Regions Financial Reports Q3 2024 Net Income of $446 Million as Net Interest Income Rises 3% Sequentially

Regions Financial Corporation reported third-quarter 2024 net income of $446 million, or $0.49 per diluted share, on 18 October 2024. Return on tangible common equity reached 16.9%.

Net interest income climbed $32 million, or approximately 3%, to $1.22 billion compared with the second quarter of 2024, as deposit cost pressures eased and asset yields benefited from the replacement of lower-yielding fixed-rate loans and securities. Net interest margin widened 3 basis points to 3.54% over the same period.

DEPOSITS AND CAPITAL

Average total deposits for the quarter were about $126 billion, down about 1% from the second quarter, which the bank attributed to normal summer spending patterns.

The Common Equity Tier 1 capital ratio stood at 10.6% at the end of the third quarter.

CREDIT QUALITY

Net charge-offs for the quarter were reported at 48 basis points of average loans. The metric remained within the bank's 40 to 50 basis point full-year range, and management said net charge-offs were expected to stay towards the upper end of that range.