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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 | |
|---|---|---|---|---|---|---|---|---|
| 2.16 | 1.41% | 155.42 | 155.64 | 152.895 | 153.24 | 766,890 | 19:47:01 |
From May 2023 to May 2024
By Will Feuer
PNC Financial Services posted lower earnings for the third quarter as the sluggish M&A market and lower trading activity weighed on non-interest income, and higher funding costs squeezed net interest income.
The Pittsburgh-based bank posted third-quarter net income of $1.55 billion, or $3.60 a share, down from $1.62 billion, or $3.78 a share, in the same period last year. Analysts surveyed by FactSet were expecting earnings of $3.10 a share.
Revenue fell to $5.23 billion from $5.55 billion. Analysts surveyed by FactSet were expecting revenue of $5.32 billion.
Average deposits fell about 4% to $422.5 billion from a year ago.
Net interest income slipped about 2% from a year ago to $3.42 billion, while non-interest income fell 12% from last year to $1.82 billion.
The bank provisioned $129 million for credit losses, compared with $241 million a year ago and $146 million in the second quarter.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
October 13, 2023 07:30 ET (11:30 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
1 Year PNC Financial Services Chart |
1 Month PNC Financial Services Chart |
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