KeyCorp, Comerica join major lenders in flagging hit to interest income [Reuters]
KeyCorp (KEY)
Last keycorp earnings: 4/16 06:30 am
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Source: Reuters
April 18 (Reuters) - KeyCorp (KEY.N) New Tab , opens new tab and Comerica (CMA.N) New Tab , opens new tab are expecting a fall in interest income in 2024 as higher borrowing costs temper loan demand, they said on Thursday, echoing fears flagged by bigger U.S. lenders this earnings season. Hotter-than-expected inflation in the United States has dampened expectations of imminent rate cuts by the Federal Reserve, which has said it needs to see convincing evidence of prices cooling off before it starts easing its monetary policy. With no hopes of relief, potential borrowers could delay plans to take out a loan, hurting banks' interest income. Stricter lending standards to minimize bad debts and higher deposit costs to prevent customers from fleeing to other high-yielding alternatives, could also be a drag. Comerica expects its net interest income (NII) - the difference between what lenders earn on loans and pay on deposits - to be 11% lower in 2024 from last year, while KeyCorp
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KEY
Earnings
- 4/18/24 - Miss
KEY
Sec Filings
- 4/18/24 - Form 8-K
- 4/2/24 - Form 4
- 4/2/24 - Form 4
- KEY's page on the SEC website