Home News PNC Financial Services Reports Lower Earnings for Q3

PNC Financial Services Reports Lower Earnings for Q3


PNC Financial Services, based in Pittsburgh, reported lower earnings for the third quarter of this year. The decline can be attributed to the sluggish M&A market and lower trading activity, which affected non-interest income, while higher funding costs impacted net interest income.

Earnings and Revenue

In the third quarter, PNC Financial Services recorded a net income of $1.55 billion, or $3.60 per share. This is a decrease from $1.62 billion, or $3.78 per share, in the same period last year. Analysts surveyed by FactSet had predicted earnings of $3.10 per share.

Revenue also experienced a decline, dropping to $5.23 billion from $5.55 billion. However, it is worth noting that this still exceeded the expectations of analysts surveyed by FactSet, who had forecasted revenue of $5.32 billion.

Deposit and Income Figures

Average deposits witnessed a 4% decrease from the previous year and amounted to $422.5 billion.

Net interest income slipped around 2% from the previous year, amounting to $3.42 billion. Meanwhile, non-interest income saw a significant 12% decline from last year, reaching $1.82 billion.

Credit Loss Provision

PNC Financial Services set aside $129 million for credit losses in the third quarter. This figure is lower than the $241 million allocated in the same period last year and the $146 million in the second quarter.


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