RDIV - PNC Financial Q2 Earnings: EPS Beat Net Interest Income Dip Sees 4% NII Decline In FY24 | Benzinga
PNC Financial Services Group, Inc. (NYSE:PNC) shares are trading higher after it reported second-quarter FY24 results.
The bank reported a revenue increase of 2% Y/Y to $5.411 billion, slightly missing the consensus of $5.412 billion. Revenue increased Y/Y led by higher noninterest income.
Net interest income fell 6% Y/Y to $3.30 billion, with a net interest margin declining to 2.60% from 2.79% prior year quarter due to increased funding costs and lower loan balances.
Noninterest income grew 18% Y/Y to $2.11 billion, led by higher fee income on growth across all categories.
Average loans fell 1% Y/Y, and average deposits decreased 2% Y/Y in the second quarter. Adjusted EPS of $3.30 topped the consensus of $2.98.
The company reported a provision for credit losses of $235 million in the quarter (vs. $146 million a year ago), ...