PNC Financial Services Beats Q4 Expectations Despite Sharp Profit Decline

Company's resilience highlighted as it navigates challenging banking environment, with revenue and net interest income expected to continue declining.

PNC Financial Services Group Inc.'s Q4 2023 net income fell 43% to $883 million, or $1.85 per share, due to a regulatory charge and layoff expenses.
Despite the profit decline, the company surpassed analysts’ adjusted per-share earnings expectations by reporting $3.16, compared to the anticipated $2.90.
Revenue declined by nearly 7% to $5.36 billion, yet it still managed to exceed the forecast of $5.3 billion.
PNC's net interest income was down $281 million from the year-earlier quarter and net interest margin slipped 26 basis points.
PNC provided current-quarter revenue guidance of a decline of 3% to 4% and net interest income falling 2% to 3%.