Western Alliance stock jumps 8% on Q2 deposit growth exceeding $2 Billion

Western Alliance (NYSE:) shares gained more than 8% after-hours following the company’s Q2/23 investor update, which highlighted that deposit balances stabilized by March 20 and resumed growth trajectory.

QTD deposit growth exceeded $2 billion as of May 12, up from $47.6B as of March 31.

According to the report, insured deposit strength was more than 79% as of May 12, up from 68% as of March 31. Furthermore, Q2 asset sales have boosted CET1 to 9.7% & TCE/TA to 6.7% as of April 30.

Other regional banks’ shares also reacted to the update, with PacWest Bancorp (NASDAQ:) stock gaining more than 5% after-hours and Zions Bancorporation (NASDAQ:) rising more than 1%.