PNC Financial Reports Q2 Revenue Miss, Cuts Guidance

PNC Financial Services (NYSE:PNC) reported its Q2 earnings results on Tuesday, with EPS of $3.36 coming in above the Street estimate of $3.29. However, the revenue for the quarter was $5.29 billion, lower than the Street estimate of $5.45 billion.

Compared to the previous year, net income in Q2 declined by 11% to $1.5 billion. Additionally, net interest income decreased by $75 million, or 2%, to $3.5 billion. This decline was attributed to increased funding costs and lower loan and securities balances, despite higher yields on interest-earning assets.

Looking ahead, the company revised its outlook for net interest income for the year. The bank now expects it to grow between 5% and 6%, which is lower than the previous projection of 6% to 8% growth.