PNC Financial GAAP EPS of $3.36 Beats By $0.08, Revenue of $5.29B Misses By $160M
PNC Financial: Q2 GAAP EPS of $3.36 beats by $0.08.Revenue of $5.29B misses by $160M.Increased capital; strong credit quality; 4Q23 SCB requirement of 2.5%Net interest margin of 2.79% decreased 5 basis points as higher yields on interest-earning assets were more than offset by increased funding costs.Provision for credit losses of $146 million in the second quarter reflected portfolio activity and changes in macroeconomic variables. The first quarter of 2023 included a provision for credit loss