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Regions Financial Corp. (NYSE:RF) on Monday introduced the discharge of its newest Annual Assessment and Environmental, Social and Governance (ESG) Report. The doc, linked here, provides Areas’ clients, buyers, associates, neighborhood companions, and different stakeholders a complete overview of not solely the corporate’s monetary efficiency – but additionally progress made in addressing a spread of environmental and social points whereas sustaining sturdy governance ideas.
This press launch options multimedia. View the total launch right here: https://www.businesswire.com/news/home/20210823005076/en/
Areas’ Annual Assessment & ESG Report illustrates how the work the corporate is doing right this moment – is creating a greater tomorrow. (Photograph: Enterprise Wire)
Particularly, the in-depth report spans the yr 2020 – when communities worldwide started to be confronted by a worldwide well being disaster the likes of which our society had by no means skilled. As well as, a collection of racial injustices illustrated the necessity for larger fairness and the significance of firms stepping as much as function a part of the answer to systemic racism and biases. Additional, the necessity for extra innovation in banking was met by shortly adapting to, and anticipating, evolving buyer wants.
Areas and its associates tackled these points and others head-on – guided by the corporate’s mission to make life higher.
“Regardless of these unprecedented occasions, there have been particular issues that didn’t change. Our mission and goal, underscored by our values, remained steadfast,” stated John Turner, President and CEO of Areas Monetary Corp. “We had been there when it mattered in 2020, whether or not massive moments or small touchpoints. And that’s what it’s all about – growing relationships with our stakeholders and delivering on our goal to create shared worth for all of them.”
Areas’ 2020 Annual Review and ESG Report is titled “Constant, Sustainable, Lengthy-Time period Efficiency – Made Easy.” It stays true to its title with an easy-to-digest, interactive format, and it enhances Regions’ existing disclosures on ESG issues and associated subjects. Highlights from this newest report embrace:
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Responding to the Well being Disaster and Financial Disruption: Areas Financial institution operated from a place of power in addressing the monetary challenges folks and companies skilled because the pandemic’s impacts grew. On the identical time, the corporate took a number of steps to guard the well being and security of shoppers and associates alike. Because the pandemic unfolded, Areas shortly:
- Transitioned to a remote-work setting for non-branch associates, whereas additionally protecting greater than 90 % of Areas’ branches open, sustaining important monetary providers whereas observing the newest well being tips.
- Areas additionally supported clients with a big variety of mortgage fee deferrals and forbearance requests.
- Additional, the financial institution supplied important capital to small companies by reassigning greater than 2,100 associates to assist with funding wants associated to the Paycheck Safety Program (PPP), which was arrange by the U.S. Small Enterprise Administration to assist preserve companies afloat.
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Elevating Our Dedication to Racial Fairness and Financial Empowerment: The nation, and the world, had been rocked by a collection of racial injustices that served as painful reminders of the progress that has but to be made by way of eliminating racism and eradicating systemic biases. As a monetary establishment, Areas acknowledges it has a key function to serve in creating larger fairness and elevating communities. The financial institution should use its assets and expertise in ways in which foster extra inclusion and unity. Amongst examples of Areas’ response in 2020:
- On June 30, Areas Financial institution and the Areas Basis, a nonprofit funded primarily by Areas Financial institution, introduced a mixed two-year, $12 million dedication to advance applications and initiatives that promote racial fairness and financial empowerment for communities of coloration.
- Inside lower than six months of the 24-month dedication, Areas Financial institution, the Areas Basis, and the Areas Neighborhood Growth Company had allotted greater than $5.2 million to positively influence communities of coloration, offering extra equitable alternatives for fulfillment and prosperity.
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Accelerating the Cadence of Innovation: Clients’ wants modified dramatically – and shortly – in 2020. Already investing extra in digital providers, Areas Financial institution was in a position to reply in fast time by assembly altering expectations. Areas is concentrated on offering an omni-channel banking expertise, the place clients obtain superior service by any variety of choices. Amongst highlights in 2020:
- Cell transactions had been up considerably, and Areas launched a reimagined cell banking app that earned a 4.8-star ranking on the Apple app retailer.
- Roughly 1.1 billion logins had been recorded in 2020 as Areas reached 2.9 million lively digital clients.
- The financial institution launched Areas Greenprint™ – a system that helps clients work with a banker to create, monitor and meet their monetary targets. Since Greenprint was launched, Areas bankers have accomplished over 800,000 customized monetary plans for patrons.
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Producing Stable Monetary Efficiency in a Difficult Yr: Areas completed 2020 delivering high whole shareholder returns amongst friends and powerful monetary outcomes, regardless of the challenges endured all year long. Highlights included:
- Reporting web revenue obtainable to frequent shareholders of $991 million and earnings per diluted share of $1.03.
- Income grew 7% %; with 6% progress on an adjusted foundation.
- Document pre-tax, pre-provision revenue was up 11% over the prior yr, whereas adjusted pre-tax pre-provision revenue elevated 9% to its highest degree in additional than a decade.
- A gentle give attention to steady enchancment helped generate optimistic working leverage of two.7% on a reported foundation and a pair of.6% on an adjusted foundation.
- Total credit score outcomes had been higher than initially anticipated, particularly given the difficult working setting.
- Whereas rates of interest fell to all-time lows, web curiosity revenue grew 4% from the prior yr, attributable largely to Areas’ complete rate of interest hedging program.
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Reaching Key Environmental Aims: The banking trade can serve a key function in serving to companies and industries transition to a lower-carbon financial system. Areas is concentrated on this each day – whereas additionally discovering methods to scale back the financial institution’s personal emissions. Amongst examples:
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Areas’ constant give attention to power use discount contains constructing automation methods, energy-efficient tools, and growing extra sustainable branches.
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Examples of sustainability in new-branch building and renovations embrace:
- Mild-colored thermoplastic roofing supplies
- Recycled-content ceiling tiles, ceiling grids, and wall bases
- Carbon-neutral carpet tiles
- ENERGY STAR®-compliant window glazing
- Extremely-high effectivity heating, air flow and air con methods with demand-control air flow
- 100% LED lighting fixtures
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Examples of sustainability in new-branch building and renovations embrace:
- In 2020, Areas generated 119 megawatts of electrical energy throughout 20 rooftop photo voltaic installations on department services.
- The corporate has realized $91 million in cumulative power price financial savings since 2008.
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Areas’ constant give attention to power use discount contains constructing automation methods, energy-efficient tools, and growing extra sustainable branches.
Areas can also be targeted on growing lending and different monetary providers in help of a more healthy setting. 2020 sustainable finance highlights embrace:
- Offering greater than $575 million in renewable power financing
- Sustainably managing over a million acres of timber land
- Facilitating 97% progress year-over-year in consumer property allotted to ESG-focused funding merchandise
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Fostering Monetary Inclusion: Yr-round, Areas and its associates share insights and steerage to assist folks handle and develop their funds. Areas is devoted to serving to not solely current clients, but additionally the unbanked and underbanked. One instance of serving to improve wealth era in communities served by Areas is a transparent give attention to supporting homeownership. Amongst steps taken in 2020:
- Areas created and applied the Areas FirstHome Help down fee help grant program, providing as much as $4,000 towards down funds to low- and moderate-income debtors in designated markets.
- The financial institution adjusted credit score standards on sure merchandise, enabling extra low- and moderate-income debtors to qualify for homeownership.
- Areas expanded its group of neighborhood mortgage officers to give attention to the lending and repair wants of our communities.
- Firm-wide, the Areas Subsequent Step® monetary wellness program supported 130,000 monetary wellness workshops masking a wide range of subjects.
- Roughly 1.8 million folks obtained monetary schooling from Areas.
- There have been 2.7 million web page views of Areas’ digital monetary schooling assets.
The 2020 Annual Assessment and ESG Report additionally contains in-depth details about Areas’ governance construction and processes, together with a renewed emphasis on ESG practices, efficiency, and disclosures. Although the report is detailed and thorough, Chief Governance Officer Andrew Nix stated it’s only a snapshot of the nice work achieved in 2020.
“At Areas, making life higher isn’t just our mission – it’s our promise; it’s what we’re doing each day for the folks and locations we serve,” Nix stated. “The Annual Assessment and ESG Report gives significant updates on a variety of points that matter to us and to our stakeholders. And it demonstrates that our work just isn’t over. A tradition of steady enchancment is ingrained in our considering, and we’ll construct on our progress within the years to come back.”
About Areas Monetary Company
Areas Monetary Company (NYSE:RF), with $156 billion in property, is a member of the S&P 500 Index and is among the nation’s largest full-service suppliers of client and industrial banking, wealth administration, and mortgage services and products. Areas serves clients throughout the South, Midwest and Texas, and thru its subsidiary, Areas Financial institution, operates greater than 1,300 banking workplaces and roughly 2,000 ATMs. Areas Financial institution is an Equal Housing Lender and Member FDIC. Extra details about Areas and its full line of services and products may be discovered at www.regions.com.
About Areas Basis
Areas Basis helps neighborhood investments that positively influence the communities served by Areas Financial institution. The Basis engages in a grantmaking program targeted on priorities together with financial and neighborhood growth; schooling and workforce readiness; and monetary wellness. The Basis is a nonprofit 501(c)(3) company funded primarily by contributions from Areas Financial institution.
About Areas Neighborhood Growth Company
The Areas Neighborhood Growth Company (RCDC) is an entirely owned subsidiary of Areas Financial institution and serves as a catalyst to assist revitalize communities and enhance the lives of economically deprived households within the Areas footprint. RCDC helps fulfill Areas’ mission to make life higher by offering debt and/or fairness financing for initiatives and entities with a community-development goal.
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Contacts
Jeremy D. King
Areas Financial institution
205-264-4551
Areas Information On-line: regions.doingmoretoday.com
Areas Information on Twitter: @RegionsNews
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