Net income declined to $4.62 billion, or $1.20 per share, for the three months ended March 31, the lender reported on Friday. That compared with $4.99 billion, or $1.23 per share, a year earlier.
The shifting U.S. interest rate outlook is an important factor that will drive banks' future profits. U.S. consumer prices increased more than expected in March, leading financial markets to anticipate that the Federal Reserve would delay cutting rates until September.Higher-for-longer rates could boost lenders' earnings as they bring in more money from interest payments.
The lender still has eight open consent orders after the U.S. Office of the Comptroller of the Currency terminated a 2016 punishment in February. DETROIT -Ford said on Thursday it will begin shipping to North American dealers 144,000 of its redesigned F-150 and Ranger pickup trucks that it built but held back until now in an effort to head off quality problems. Ford said it also will restart shipments this month of F-150 Lightning electric trucks which it had halted in February. Ford this week cut prices of some variants of the Lightning by as much as $5,500.BCE stock has dipped 40% in almost two years.