PNC Financial Posts Lower 3Q Earnings
13 Octubre 2023 - 6:45AM
Noticias Dow Jones
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.
PNC Financial Services (NYSE:PNC)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
PNC Financial Services (NYSE:PNC)
Gráfica de Acción Histórica
De May 2023 a May 2024