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10/25/2023
Regions Financial Sinks Most Since March After Earnings Miss
Bloomberg
Regions Financial Corp. slumped as much as 16% after warning it expects further declines in net interest income as higher rates continue to take a toll on the bank.
The Birmingham, Alabama-based lender reported net interest income of $1.3 billion for the third quarter, slightly worse than analysts expected and a 6.5% decline compared to the second quarter. Higher deposit and funding costs contributed to the decrease, according to a statement on Friday.
The company now expects net interest income to drop 5% in the fourth quarter compared to the third quarter, according to a separate presentation. As the Federal Reserve’s moves to raise benchmark interest rates near an end, the company warned both net interest income and net interest margin will continue to decline as deposit costs normalize and interest-rate hedges kick in.
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