Truist's profit falls as interest income shrinks on higher deposit costs, tepid loan growth [Reuters]
Signature Bank (SBNY)
Last signature bank earnings: 4/23 05:00 am
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Source: Reuters
, opens new tab posted a 13.5% fall in first-quarter adjusted profit on Monday as the lender's interest income shrank on higher costs of retaining customer deposits and subdued loan demand. U.S. banks have been grappling with increased funding costs as elevated interest rates prompt customers to move cash from banks to higher-yielding alternatives such as money-market funds for better returns. On the other hand, higher costs of lending have discouraged borrowers, slowing loan growth, with no immediate signs of recovery as recent strong economic data delayed analysts' expectations of interest rate cuts this year. Average loans and leases decreased to $309 billion in first quarter for Truist compared with $328 billion in the year-ago quarter. Truist's net interest income or the difference between what it earns on loans and pays out on deposits, declined 12.5% to $3.43 billion in the first quarter. Net interest margin contracted to 2.89% versus 3.17%, a year earlier. Adjusted
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SBNY
Sec Filings
- 3/15/24 - Form SC
- 2/14/24 - Form SC
- 2/12/24 - Form SC
- SBNY's page on the SEC website