PNC Financial Services Group Inc. trimmed its full-year guidance for a further time this year, clouding the prospects for other regional lenders struggling to navigate rising interest rates.
(Bloomberg) — PNC Financial Services Group Inc. trimmed its full-year guidance for a further time this year, clouding the prospects for other regional lenders struggling to navigate rising interest rates.
The Pittsburgh-based lender reduced its forecast for period-end and average loans, as well as net interest income, non-interest income and revenue. The bank cited slightly higher deposit costs, modestly lower loan growth and “softer” capital markets in the second quarter as it curbed its outlooks.
Shares in the bank were little changed at 9:45 a.m. in New York.
The bank reported adjusted profit of $3.36 per share for the quarter, a decline on the prior year but higher than average estimate of $3.27 from 23 analysts in a Bloomberg survey.
A so-called “super regional,” PNC is the seventh largest US bank overall, with $556 billion in assets as of March 31, according to a tally by the Federal Reserve earlier this year. U.S. Bancorp, the largest bank in that category and the fifth largest overall, is set to report results Wednesday.
(Updates shares in third paragraph.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.