Sees FY24 average loans “stable to down modestly.” Expects: NII to grow in 2H24, with asset turnover at elevated rate levels being the primary driver; 3Q24 NII expected to be flat to up 2% vs 2Q24; 2024 NII expected to be $4.7B-$4.8B; Expect to operate toward the upper end of the range; 2024 NIM expected to be low 3.50%’s; Higher cash levels could reduce NIM modestly in the near-term with no NII impact; Assumes rising rate interest-bearing deposit beta peaks in the ~mid-40s (mostly stable from current levels); falling rate beta ~mid-30s. Expects full-year 2024 adjusted non-interest income to be at the upper end of the $2.3B-$2.4B range. Expect full-year 2024 adjusted NIE to be $4.15-$4.2B; attributable primarily to higher revenue; Expect full-year 2024 operational losses to be ~$100M. Comments taken from investor presentation slides.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RF:
- Regions Financial raises quarterly dividend to 25c per share from 24c
- RF Earnings this Week: How Will it Perform?
- Regions Financial price target lowered to $21 from $22 at Keefe Bruyette
- Regions Financial price target raised to $21 from $20 at Truist
- Regions Financial price target raised to $24 from $22 at Jefferies
Questions or Comments about the article? Write to editor@tipranks.com