ZION - Regional Bank Performance: Goldman Sachs Breaks Down Q2 2024 Earnings | Benzinga
In a recent analyst note by Goldman Sachs, the outlook for several regional banks were evaluated based on their recent second-quarter 2024 earnings reports. Among the banks examined included KeyCorp (NYSE:KEY), M&T Bank Corp (NYSE:MTB), Regions Financial Corp (NYSE:RF), Truist Financial Corp (NYSE:TFC), U.S. Bancorp (NYSE:USB) and Zions Bancorporation NA (NASDAQ:ZION).
Lead analyst Ryan Nash and team highlighted key metrics, growth projections and credit performances, offering a comprehensive analysis of each bank’s standing and market outlook.
KeyCorp
KeyCorp’s second-quarter 2024 EPS results were mixed. The bank saw a slight beat on fees and managed lower expenses, which offset a softer Net Interest Income (NII). Credit performance was largely in line with expectations. The focus shifted to the updated FY 2024 guidance, where most items such as fees, expenses and Net Charge Offs (NCOs) were reiterated.
However, the bank lowered its loan growth expectations while increasing deposit growth projections. On the earnings call, KEY indicated that NII would likely hit the low end of its range based on the forward curve and noted ...