Reuters
Regions Financial reported a near 42% fall in its quarterly profit on Friday as higher deposit and funding costs hurt its interest income from customers, joining a list of U.S. banks facing the same issue. The Birmingham, Alabama-headquartered bank's net income fell to $343 million, or 37 cents per share, in the three months ended March 31 from $588 million, or 62 cents per share, in the year-ago period. Regions Financial expects its Net Interest Income (NII)—the difference between what a bank earns on loans and pays out on deposits—to be in the range of $4.7 billion to $4.8 billion in 2024.