US Banks Brace for Lower 2024 Interest Income Due to Deposit Costs, Loan Growth Concerns
• US banks warned lower interest income in 2024 due to high deposit costs • Banks facing challenges like weaker loan growth and potentially tougher capital rules • Rate cuts from Fed could ease pressure on banks to raise deposit costs • Regions Financial, Fifth Third, State Street, and Comerica warned of lower 2024 net interest income • Huntington forecast 2024 net interest income to rise or fall 2% vs 1% drop expected