Regions: Loan Growth Driven by Specialty Lending, ABL
Regions Financial reported net income available to common shareholders for Q4 and full year 2013 was $219 million and $1.1 billion, respectively down from $261 million and up 10% from $991 million a year earlier.
Regions said business lending drove overall loan growth throughout 2013 and was led by the company’s specialized lending groups and asset based lending. Specifically, commercial and industrial loans grew 10% from the end of the previous year, marking the highest single year increase since 2008 and commitments for new loans increased 14%.
“2013 was a foundational year for Regions as we took decisive action to position the company for long-term, sustainable growth while also achieving positive loan growth,” said Grayson Hall, president, chairman and CEO. “By focusing on meeting the financial needs of our customers and maintaining our efforts to operate more efficiently, we concluded the year with more customers and successfully lowered adjusted expenses(1) compared to the prior year. We are optimistic about growth prospects for 2014 as consumers and businesses begin the year with healthy balance sheets and the economy continues to improve.”
To read the Regions Financial news release click here.