A fifth day of regional bank earnings showed more pain from higher interest rates, even at larger institutions.

Regions Financial posted quarterly earnings of 37 cents a share, below the 45 cents a share expected by analysts polled by FactSet. Huntington Bancshares beat Wall Street estimates but net income fell by roughly a third to $383 million, while Fifth Third's net income slid 10% from a year ago. Regions forecast net interest income to decline as much as 11% for the full year. Huntington said that metric could either rise or fall 2%, and Fifth Third expects net interest income down 2% to 4%.

American Express posted higher profit in the first quarter as the company's cardholders continued to spend. The New York-based credit card company reported a profit of $2.44 billion, or $3.33 a share, in the quarter ended March 31, compared with $1.82 billion, or $2.40 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.95. Revenue rose 11% to $15.80 billion, compared with the $15.79 billion expected by analysts polled by FactSet.

Wells Fargo shares closed at a more than six-year high, buoyed by high mortgage rates.


Write to Mary de Wet at mary.dewet@dowjones.com

(END) Dow Jones Newswires

04-19-24 1800ET