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Home Nasdaq

PacWest’s Profit Likely Slashed Due to Soaring Interest Costs

The Megalodon by The Megalodon
April 24, 2023
in Nasdaq
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PacWest’s Profit Likely Slashed Due to Soaring Interest Costs
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PacWest Bancorp (PACW), a California-based regional bank, is expected to report a drop in profits of about a third in the first quarter due to significantly higher interest costs. Analysts estimate that the bank’s interest expenses increased 20-fold, while net interest income likely dropped by 9%. Total deposits are projected to have fallen 17%, but interest-bearing deposits may have risen slightly compared to the same period last year. Inflationary impacts may have also contributed to a 15% rise in non-interest expenses.

PacWest is expected to have set aside $10 million for loan losses, compared to none a year ago. The bank’s shares have fallen by 50% this year.

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