PNC Financial 2Q Earnings Hold Roughly Flat as Deposits Fall

By Will Feuer

PNC Financial Services posted roughly flat earnings for the second quarter as net interest income began to cool off and deposits fell.

The Pittsburgh-based bank posted net income of $1.48 billion, roughly flat with the same quarter a year ago.

On a per-share basis, earnings came to $3.36, compared with $3.39 in the year-ago period. Analysts surveyed by FactSet were expecting earnings of $3.29 a share.

Revenue rose to $5.29 billion from $5.12 billion. Analysts surveyed by FactSet were expecting revenue of $5.45 billion.

Average deposits fell to $425.7 billion from $446.5 billion a year ago and $436.2 billion in the previous quarter.

Net interest income rose 15% from a year ago to $3.51 billion, but fell 2% on a sequential basis.

The bank provisioned $146 million for credit losses, compared with $36 million a year ago and $235 million in the first quarter.

Shares fell 3.5% to $122.75 in premarket trading.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

July 18, 2023 07:18 ET (11:18 GMT)

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