: Fifth Third Bancorp sees larger drop ahead for Q2 net interest income
Fifth Third Bancorp FITB stock is down 3.3% in premarket trades on Wednesday after the lender said it expects its second-quarter net interest income to fall 4% to 5% over the year-ago quarter. The bank’s earlier forecast as of April 20 for second-quarter net interest income was a drop of only 1%. The newer projection assumes no rate hike by the U.S. Federal Reserve through the end of the quarter. For fiscal 2023, Fifth Third is projecting net interest income growth of 3% to 5%. Fifth Third is the latest bank to report pressure on net interest income as the cost of deposits and of capital outpaces growth from loans on bank balance sheets.
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