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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| PNC Financial Services Group Inc | NYSE:PNC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -2.23 | -1.11% | 198.30 | 200.24 | 197.1186 | 200.24 | 2,400,733 | 01:00:00 |
From Dec 2023 to Dec 2024
By Ben Glickman
PNC Financial Services Group's profit fell in the fourth quarter on lower revenue.
The Pittsburgh-based bank posted a profit of $883 million, or $1.85 a share, in the fourth quarter, compared with $1.55 billion, or $3.47 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.12.
Stripping out certain one-time items, adjusted per-share earnings came to $3.16, ahead of the $2.90 forecast by analysts, according to FactSet.
Revenue fell nearly 7% from a year earlier to $5.36 billion, topping the $5.3 billion expected by analysts polled by FactSet.
Chief Executive Bill Demchak said PNC "demonstrated its strength and stability" in a challenging year for banks.
PNC's net interest income came to $3.4 billion, relatively stable on a sequential basis.
The bank's average deposits were down about 3% from a year ago to $423.9 billion.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 16, 2024 07:14 ET (12:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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