2023-07-18 06:40:53 ET
- PNC Financial press release ( NYSE: PNC ): Q2 GAAP EPS of $3.36 beats by $0.08 .
- Revenue of $5.29B (+3.3% Y/Y) misses by $160M .
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Increased capital; strong credit quality; 4Q23 SCB requirement of 2.5%
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Net interest margin of 2.79% decreased 5 basis points as higher yields on interest-earning assets were more than offset by increased funding costs.
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Provision for credit losses of $146 million in the second quarter reflected portfolio activity and changes in macroeconomic variables. The first quarter of 2023 included a provision for credit losses of $235 million.
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PNC Financial GAAP EPS of $3.36 beats by $0.08, revenue of $5.29B misses by $160M