Regions Financial's Simple Strategy Bearing Fruit

Regions Financial (NYSE: RF) is starting to see the fruits of its aptly named Simplify and Grow initiative. The strategy helped drive another round of strong results in the third quarter as Regions reported net income of $385 million, an increase of 9% over the same period the year before, and a 22% increase in earnings per share.

Simplify and Grow is the bank's three-year growth plan, which was introduced in late 2017 but really took hold in 2019. It's based on the simple idea of making banking easier for customers. With that as the overarching goal, the Birmingham, Ala.-based bank is striving for sustained long-term growth through strategic investments and targeted expense reductions designed to make the company run more efficiently. So far this year, Regions' stock price has outperformed other bank stocks, up about 25%.

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Source Fool.com