** Shares of regional lender Comerica fall 3.3% to $45.69 in a broadly weak market
** S&P 500 Banks Index off ~2%, while peer index tracking regional lenders last down ~1%
** CMA, in an investor presentation, says it expects pressure on its net interest income (NII) - the difference between what a bank earns on loans and pays on deposits - forecast for Q2 and FY24
** Higher interest rates have prompted customers to move cash from lenders to alternatives with better yields like money market funds, while loan growth has also stagnated, piling pressure on NII
** CMA had previously forecast a decline in interest income between 1% and 2% in Q2 vs Q1
** Co also expects a roughly 11% drop in NII for full-year 2024 versus 2023 levels; Analysts, on average, expect a 11.7% decline, per LSEG data
** Among individual movers, big banks JPMorgan Chase
, Goldman Sachs , Bank of America , Morgan Stanley , Citigroup and Wells Fargo off between 1% and 2.9%
** Smaller peers Zions Bancorp , KeyCorp , Valley National and Citizens Financial down between ~1.8% and ~2.1%
** Meanwhile, Wall Street's main indexes also declined on Tuesday
(Reporting by Manya Saini in Bengaluru)
((Manya.Saini@thomsonreuters.com))
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