This week, Western regional banks that were hit hard by the banking industry’s panic in March reported mixed earnings results. Zions Bancorp’s shares declined after its Wednesday report, while Western Alliance Bancorp’s stock surged after reporting results on Tuesday. Truist Financial and Key Corp retreated after missing estimates, while Comerica exceeded forecasts. Analysts expected a decrease in deposit levels going into the quarter, as customers moved to larger institutions.
Nonetheless, Wall Street expected moderate earnings growth driven by an increase in net interest income. However, the impact of the March panic may not be fully felt by firms until 2024, according to Morgan Stanley. The article offers an overview of the results for each bank, along with expectations, deposits, and provisions for credit losses.
