Regions reports profits

Regions Financial Corp. this week reported a profit of $261 million in the just-ended quarter, and full-year profit of $1.1 billion for all of 2012.

Said CEO Grayson Hall on the company’s earnings call Tuesday:

“We view 2012 as a transformational year for Regions, with fourth quarter results reaffirming our positive momentum and providing a solid foundation for the future growth of our franchise. During 2012, we achieved a number of key milestones through the successful execution of our capital and business plans. We completed the Morgan Keegan divestiture. We issued approximately $900 million of common stock … We significantly improved asset quality, our risk profile and strength at enterprise risk management. Our credit ratings improved. We further enhanced our technology platform. We issued $500 million of preferred stock and redeemed $345 million of trust preferred securities. And most importantly, we achieved sustainable profitability.”

Dansette

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