Regions Financial Corp.'s Chairman, President and Chief Executive Dowd Ritter said the company will report a profit for the quarter ended March 31.

In a presentation filed with the Securities and Exchange Commission, the company cited positive business results in key areas as reasons for the anticipated profit.

Shares of the company's stock traded recently up 18.6% at $5.93.

Regions said it has experienced significant customer deposit growth, with momentum extending into 2009.

The company also said it has undergone record new account openings driven by LifeGreen accounts, in addition to record mortgage application volume.

Regions also said high customer retention and service quality were key drivers to its positive business results.

The company said it will focus on what it can control, such as operating with a clear purpose and continuing to be a safe harbor for customer deposits.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.