PNC Financial cuts net interest income forecasts

(Sharecast News) - PNC Financial Services Group on Tuesday cut annual net interest income forecasts as it reported almost flat net income for the second quarter.

The Pittsburgh-based bank posted net income of $1.48bn, flat on an annualised basis.

It now estimates NII - the difference between what banks charge for loans and pay in deposits - to rise 5 - 6% in 2023 from last year, compared to its previous forecast of 6 - 8%.

PNC reported a 15% jump in NII to $3.5bn, but was down 2% on the first quarter.

Revenue rose to $5.29bn from $5.12bn, and below forecasts of $5.45bn. Average deposits fell to $425.7bn from $446.5bn a year ago and $436.2bn in the previous quarter.

Reporting by Frank Prenesti for Sharecast.com