Regions Bank's wealth management businesses turned in a strong fourth quarter, according to the latest financial results released by the bank's parent on Friday.
The Birmingham, Ala.-based bank generated $100 million in fourth-quarter revenue from its brokerage, trust and insurance services operations, up almost 10% from $91 million in the same quarter a year ago. Revenue, however, was down 2% from the previous quarter.
The decline was due to lower revenue from insurance, which fell a precipitous 10.5%, according to the earnings release.
The trust services business was the biggest driver of revenue, generating $51 million, up 2% year-over-year and up 4.1% from the previous quarter. Revenue from insurance commissions and fees, while off from the third quarter, hauled in $34 million, making it the second largest revenue producer.
The retail brokerage business, the smallest contributor, drummed up $15 million, up a dramatic 50% year-over-year.
Overall, Regions Financial, the parent of Regions Bank, earned $272 million, or 21 cents per share, in the fourth quarter, compared with $203 million, or 15 cents per share, in the same quarter a year ago.
"Throughout 2015 we made select investments to diversify our business and meet more customer needs, and this quarter's results demonstrate that those investments are creating value," Grayson Hall, Regions' chairman, president and CEO, said in a statement.
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