Banks such as Fifth Third have been paying higher interest rates on deposits to retain customers chasing better returns elsewhere. The surge in deposit...
- Fifth Third Bancorp reported a fall in second-quarter profit on Friday, as costlier deposits eroded the regional lender's interest income.
Higher interest rates have also deterred customers from taking out loans at a time when borrowing costs are at their highest since the global financial crisis. Fifth Third said it was currently not pursuing new office commercial real estate loans. The bank has a office CRE portfolio of $1.20 billion, which represents 1% of its total loans.
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