Misses Earnings by ~8% & Misses Revenue expectations by ~2%
Total Revenue: ~$5.41 Bn, up 2% YoY, up 5% QoQ
Net Interest Income: ~$3.30 Bn, down 6% YoY, up 1% QoQ
Shares up ~0.2% after results
Key Takeaways:
Q3 revenue is projected to be stable QoQ, trailing consensus by ~3.2%
2024 Outlook: Revenue expected to be flat to down 2%
Provision for credit losses: $235MM, up 61% QoQ
Noninterest income of $2.1Bn: up 12% QoQ, up 18% YoY
CEO Bill Demchak on Strategy:
“During the quarter, we grew customers, reduced expenses, increased spot deposits, maintained stable credit quality and continued to build upon our strong liquidity and capital positions. Importantly, net interest income and net interest margin increased, marking the beginning of our growth trajectory towards expected record NII in 2025.”
