Finance
Regions Financial Sinks Most Since March After Earnings Miss
- Bank warns net interest income will post quarterly drop in 4Q
- Regions took charge for check fraud losses for a second time
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Regions Financial Corp. slumped as much as 16% after warning it expects further declines in net interest income as higher rates continue to take a toll on the bank.
The Birmingham, Alabama-based lender reported net interest income of $1.3 billion for the third quarter, slightly worse than analysts expected and a 6.5% decline compared to the second quarter. Higher deposit and funding costs contributed to the decrease, according to a statement on Friday.