Fifth Third Bancorp's Q1 profit fell 10% due to lower interest income from higher deposit costs.

Fifth Third Bancorp's Q1 profit fell 10% due to lower interest income from higher deposit costs. Regional banks are increasing interest rates for deposits to retain customers seeking higher-yielding alternatives. Net interest margin dropped to 2.86% from 3.29% in the prior year period. Fifth Third expects NII to decline 2-4% in 2024, while analysts predict a 3.4% drop.

April 19, 2024
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