US banks report negative NII growth amid rising rates
Goldman, KeyCorp and Charles Schwab worst hit in Q1 as funding costs sap income growth
An increasingly large number of US banks reported negative interest income growth in the first quarter of the year, as higher interest rates continued to bite into their income line.
Of 23 lenders analysed by Risk Quantum, 16 saw negative growth in net interest income (NII) ranging from -14% at Goldman Sachs to -0.5% at M&T Bank. For comparison, just one of the banks in the sample – Ally Financial – reported a negative figure the previous quarter.
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