PNC Notches Net Interest Income Beat, Paving Way for Record 2025

October 15, 2024 10:00 PM AEDT | By EODHD

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PNC Notches Net Interest Income Beat, Paving Way for Record 2025 — Image source: Kalkine Media

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(Bloomberg) — PNC Financial Services Group Inc. (PNC) pulled in more net interest income than analysts expected in the third quarter, another period of sequential growth for the bank’s biggest source of revenue as the firm continues to predict a record haul next year. Most Read from Bloomberg How Mexico City Averted All-Out Drought Dubai’s Allure to Expats Is Weighing on City’s Infrastructure The Master Plan That Shaped Pakistan’s Capital Is No Longer Working As Brussels Booms, an Old Boogeyman Returns: Brusselization The Cablebus Transformed Commutes in Mexico City’s Populous Outskirts The firm earned $3.41 billion in NII — what it generates from lending minus what it pays for deposits — in the three months through September, according to a statement Tuesday. That and lower-than-expected costs boosted net income to $1.51 billion, beating the average analyst estimate. “We remain well positioned to capitalize on opportunities and achieve record NII in 2025,” Chief Executive Officer Bill Demchak said in the statement.

Shares of PNC, up 22% this year through Monday, rose 1.27% at 6:45 a.m. in early New York trading. PNC is the first large regional bank to report third-quarter earnings, with rivals including US Bancorp and Truist Financial Corp. slated for later this week. Investors are eager for an early look into the impact of the Federal Reserve’s policy pivot after the central bank cut interest rates for the first time in more than four years in September.

JPMorgan Chase & Co., the biggest US bank, notched a surprise increase in net interest income in the third quarter, the company reported last week. At Wells Fargo & Co., Chief Financial Officer Mike Santomassimo said Friday that “we believe we are close to the trough.” In the second quarter, PNC notched its first period of sequential NII expansion since the end of 2022 — setting the firm up for what Demchak said he expects to be record growth next year. In the third quarter, PNC’s total loans were $321 billion, down slightly from the second quarter but up from a year ago. Most Read from Bloomberg Businessweek Why OpenAI Is at War With an Obscure Idea Man How Airbnb Hosts and Frustrated Neighbors Can Find Common Ground China Is Playing Catch-Up to Elon Musk in Space Inside the Companies That Set Sports Gambling Odds Jamie Dimon for Treasury Secretary: The Idea That Never Fades ©2024 Bloomberg L.P. View comments

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