Regions Financial nets higher profit

Regions Financial Corp. said Tuesday its net income climbed in the first quarter as it set aside less money to cover losses on loans.

The big regional bank, which does business locally, said its net income after dividends jumped 76 percent compared with a year ago.

Regions said its net income rose to $325 million, or 23 cents per share, from $185 million, or 11 cents per share. Revenue fell 4 percent, to $1.3 billion from $1.35 billion.

Analysts were forecasting net income of 20 cents per share and $1.33 billion in revenue, according to FactSet.