First Citizens Bancshares rises after strong annual interest income forecast

First Citizens BancShares

24/01/2025 18:54

** Shares of regional lender First Citizens Bancshares
 FCNCA.O  jump as much as 8.9%; last up 2.6% at $2,274.85
    ** FCNCA forecast 2025 interest income to be between $6.6
bln and $7 bln, compared with Wall Street expectations of $6.64
bln, according to data compiled by LSEG
    ** Bank's forecast assumes no cuts, or up to four 25 bps
rate cuts in 2025, with the top of the range being the no-cut
scenario and the bottom end being the four-cut scenario
    ** Raymond James says initial 2025 outlook compares
favorably with the Street, with higher net interest income
likely to boost analysts' EPS projections
    ** Meanwhile, Q4 adjusted profit came in at $45.10/shr,
smashing Wall Street expectations of $39.2/ shr 
    ** Q4 non-interest income was $699 mln, far exceeding
expectations of $543 mln, largely driven by higher rental income
on lease equipment  
    ** FCNCA stock soared 48.9% in 2024

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))