PNC Q2 Net Interest Income $3.5B, Down 2% QoQ; Avg. Deposits $425.7B, Down 2%
Portfolio Pulse from Bill Haddad
PNC Financial Services Group reported a 2% quarter-on-quarter decrease in its Q2 net interest income to $3.5 billion. The bank also reported a 2% decrease in average deposits to $425.7 billion.
July 18, 2023 | 10:40 am
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PNC's Q2 earnings report shows a 2% decrease in both net interest income and average deposits. This could potentially indicate a slowdown in the bank's growth.
A decrease in net interest income could indicate that PNC is earning less from its core business activities. Similarly, a decrease in average deposits could suggest that fewer customers are depositing money with the bank. Both of these factors could potentially impact PNC's profitability and growth, which could negatively affect its stock price in the short term.
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