{"id":1318,"date":"2023-10-15T06:34:48","date_gmt":"2023-10-15T06:34:48","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/pncs-profit-beats-forecasts-despite-fall-in-net-interest-income\/"},"modified":"2023-10-15T06:34:48","modified_gmt":"2023-10-15T06:34:48","slug":"pncs-profit-beats-forecasts-despite-fall-in-net-interest-income","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1318","title":{"rendered":"PNC’s Profit Beats Forecasts Despite Fall in Net Interest Income"},"content":{"rendered":"
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PNC Financial Services Group\u00a0posted mixed third-quarter earnings as profit surpassed forecasts but net interest income declined.<\/p>\n

PNC (ticker: PNC) reported earnings of $3.60 a share, ahead of the $3.10 per share consensus call among analysts surveyed by FactSet. Revenue for the quarter ended in September came in at $5.23 billion, while analysts had been looking for $5.32 billion.<\/p>\n

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Net interest income\u2014a closely watched measure of profit among banks\u2014was $3.42 billion, a 2.8% drop from the second quarter. Higher returns on interest- earning assets didn\u2019t make up for increased funding costs the bank had to bear, the firm said. <\/p>\n

Analysts had expected $3.41 billion in net interest income.<\/p>\n

The stock was wavering between gains and losses in premarket trading Friday.<\/p>\n

\u00a0Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PNC Financial Services Group\u00a0posted mixed third-quarter earnings as profit surpassed forecasts but net interest income declined. PNC (ticker: PNC) reported earnings of $3.60 a share, ahead of the $3.10 per share consensus call among analysts surveyed by FactSet. Revenue for the quarter ended in September came in at $5.23 billion, while analysts had been looking for $5.32 billion. Net interest income\u2014a closely watched measure of profit among banks\u2014was $3.42 billion, a 2.8% drop from the second quarter. Higher returns on interest- earning assets didn\u2019t make up for increased funding costs the bank had to bear, the firm said. Analysts had<\/p>\n","protected":false},"author":1,"featured_media":1319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-1318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"\nPNC's Profit Beats Forecasts Despite Fall in Net Interest Income | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"PNC Financial Services Group\u00a0posted mixed third-quarter earnings as profit surpassed forecasts but net interest income declined. 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