PNC Financial Services Group Inc. said revenue fell 1.2% in its
most recent quarter as net interest margin, a key measure of
lending profitability, also declined.
Earnings beat Wall Street estimates, though revenue came in
slightly below.
The bank posted earnings of $1 billion, down from $1.06 billion
the prior-year period. On a per-share basis, earnings fell to $1.75
from $1.82 a share.
Revenue at the Pittsburgh-based bank fell to $3.73 billion from
$3.78 billion.
Analysts had expected $1.27 a share in earnings and $3.74
billion in revenue, according to Thomson Reuters.
Average total loans rose by 4%.
Net interest margin, an important measure of lending
profitability, fell to 2.82% from 3.26% a year earlier.
Like other regional banks, PNC faces a tough environment in
which low interest rates have limited interest income.
PNC shares were inactive premarket.
Write to Angela Chen at angela.chen@dowjones.com
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