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PNC Financial Services Q2 2024 Earnings Summary

by Team Lumida
July 16, 2024
in Equities
Reading Time: 2 mins read
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PNC Financial Services Q2 2024 Earnings Summary

Source: Reuters

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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.”

Tags: $PNCBankingEARNINGSfinancial servicesPNC Financial Services
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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