PNC Financial Services Group (PNC)

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$ 215.80
   
  • Change Today:
    $4.34
  • 52 Week High: $219.64
  • 52 Week Low: $149.76
  • Currency: US Dollars
  • Shares Issued: 395.94m
  • Volume: 3,402,928
  • Market Cap: $85,443m
  • RiskGrade: 156
  • Beta: 0.96

PNC Financial cuts net interest income forecasts

By Frank Prenesti

Date: Tuesday 18 Jul 2023

LONDON (ShareCast) - (Sharecast News) - PNC Financial Services Group on Tuesday cut annual net interest income forecasts as it reported almost flat net income for the second quarter.

The Pittsburgh-based bank posted net income of $1.48bn, flat on an annualised basis.

It now estimates NII - the difference between what banks charge for loans and pay in deposits - to rise 5 - 6% in 2023 from last year, compared to its previous forecast of 6 - 8%.

PNC reported a 15% jump in NII to $3.5bn, but was down 2% on the first quarter.

Revenue rose to $5.29bn from $5.12bn, and below forecasts of $5.45bn. Average deposits fell to $425.7bn from $446.5bn a year ago and $436.2bn in the previous quarter.

Reporting by Frank Prenesti for Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PNC Market Data

Currency US Dollars
Share Price $ 215.80
Change Today $ 4.34
% Change 2.05 %
52 Week High $219.64
52 Week Low $149.76
Volume 3,402,928
Shares Issued 395.94m
Market Cap $85,443m
Beta 0.96
RiskGrade 156

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