RDIV - What's Going On With PNC Financial Shares Today? | Benzinga
PNC Financial Services Group Inc (NYSE:PNC) shares are trading lower after it reported first-quarter FY24 results.
The bank reported a revenue decline of 8% Y/Y to $5.15 billion, missing the consensus of $5.19 billion. Revenue declined Y/Y due to lower net interest income and noninterest income.
Net interest income fell 9% Y/Y to $3.26 billion, with a net interest margin declining to 2.57% from 2.84% prior year quarter.
Noninterest income decreased 7% Y/Y to $1.88 billion due to a decline in capital markets and advisory revenue, fee income, and residential and commercial mortgage businesses.
Average loans fell 2% Y/Y, and average deposits decreased 4% Y/Y in the first quarter. Adjusted ...