NYCB rises after Fed's oversized rate cut
** Shares of regional lender New York Community Bancorp NYCB.N rise 3.2% to $12.30 premarket after the U.S. Federal Reserve cuts interest rates for the first time since 2020
** The Fed's aggressive monetary policy tightening had caused several major headwinds for regional banks including rising concerns over credit quality trends with a major focus on commercial real estate
** NYCB's borrowers have been weighed down by higher rates, prompting the bank to conserve capital and set aside bigger provisions for loan losses
** Lower rates will reduce fears over banks with commercial real estate overhangs - J.P. Morgan analyst Steven Alexopoulos
** Alexopoulos adds that lower rates will improve borrower's confidence to refinance debt as they mature
** Raymond James upgraded NYCB's stock earlier this week, citing the favorable impact to its loan book from lower rates
** As of last close, stock down lost 61% YTD, but has gained 10% so far this month
Reporting by Arasu Kannagi Basil in Bengaluru
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