Regions Financial (RF.N) said on Friday it expects its fourth-quarter net interest income (NII) to decline about 5% compared with the preceding three months, as banks pay more to retain deposits, sending its shares down about 2% before the bell.
said on Friday it expects its fourth-quarter net interest income to decline about 5% compared with the preceding three months, as banks pay more to retain deposits, sending its shares down about 2% before the bell.have also forecast a drop in NII as rising interest rates have spurred customers into chasing high-yielding alternatives to bank deposits like money-market funds.higher rates of interest on deposits.
Regions Financial reported profit of 49 cents per share in the third quarter, missing analysts' average estimate of 58 cents, according to LSEG data. It, however, was up from 43 cents a year earlier. The lender's net interest income, or the difference between what a bank earns on loans and pays out on deposits, rose 2.3% to $1.29 billion in the quarter ended Sept. 30.
While the higher-for-longer interest rate environment allowed banks to earn more in customers' loan payments, the lenders have also stockpiled more rainy-day funds to cover for potential defaults. Regions Financial set aside $145 million as provisions for credit losses, compared with $135 million a year earlier.The United Auto Workers and the Detroit Three automakers are stuck in a standoff over wages and union representation at future electric vehicle battery plants, with Tesla and Chinese rivals looming over the bargaining tables.
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Regions Financial misses profit, revenue and net interest income expectations, as deposits fallTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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