PNC Financial Services Net Income, Revenue Beat Views

By Don Nico Forbes

PNC Financial Services reported a rise in net income and revenue for the second quarter, beating analyst expectations.

The Pittsburgh-based bank reported net income of $1.5 billion, or $3.39 a share, for the quarter ended June 30, compared with $1.48 billion, or $3.36 a share, in the year-prior period.

Analysts were expecting earnings per share of $2.99, based on 10 analyst estimates taken from FactSet.

Revenue rose to $5.41 billion from $5.29 billion. Analysts were expecting revenue of $5.40 billion, based on 17 analyst estimates taken from FactSet.

Average deposits came in at $417.2 billion, down from $425.7 billion.

Net interest income was $3.3 billion, compared with $3.51 billion. On quarter, NII rose by $38 million, reflecting higher yields on interest-earning assets.

The bank provisioned $235 million for credit losses, compared with $146 million a year prior.

"Net interest income and net interest margin increased [on quarter], marking the beginning of our growth trajectory towards expected record NII in 2025," said Chief Executive Bill Demchak.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

July 16, 2024 07:09 ET (11:09 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.