PNC Financial Services Group, one of the largest regional banks in the U.S., reported better than expected second quarter earnings before the market Tuesday along with Bank of America. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) reported last Friday. However, PNC trimmed its 2023 guidance again and issued Q3 guidance that’s softer than consensus. PNC stock dropped 3.1% in premarket trading before bouncing to up %3 by morning. The so called super … Continue reading “PNC Bank Lowers 2023 Guidance Again after Revenue Lower Than Expected”
The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests
The Federal Reserve on Wednesday announced the 23 largest US lenders had passed the Central Banks Stress Tests. The banks showed they can withstand a severe global recession and turmoil in real estate markets. The Fed released the hypothetical scenarios for its annual bank stress tests back in March before the New York and California regional bank turmoil. The 23 banks were tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as … Continue reading “The Beat Goes On; America’s 23 Biggest Banks Pass Federal Reserve Stress Tests”
PNC Bank Earnings Beat Expectations but Lowered 2023 Revenue Guidance
PNC Financial Services Group, one of the largest regional banks in the U.S., reported better than expected first quarter earnings before the market Friday along with JPMorgan, Wells Fargo, and Citigroup. Net income was $1.61 billion, up 18% from a year ago. Earnings of $3.98 a share beat analyst expectations. Shares were down 2% in U.S. premarket with concerns about regional banking despite the beat as PNC lowered its 2023 revenue guidance. PNC stock has fallen more than 20% from … Continue reading “PNC Bank Earnings Beat Expectations but Lowered 2023 Revenue Guidance”
What to Expect from PNC Bank Earnings Among Regional Banking Crisis
PNC Financial report first quarter earnings before the market Friday along with JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC). PNC fared better than other major regionals in March. Investors will be looking for signs of asset quality deterioration risk for PNC Financial Services Group, Piper Sandler analysts warn. Consensus sees the bank setting aside an additional $308 million in loan-loss provisions in the first quarter, compared to the $208 million released in the same period a year ago. … Continue reading “What to Expect from PNC Bank Earnings Among Regional Banking Crisis”
Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%
The Federal Reserve on Thursday released the hypothetical scenarios for its annual bank stress tests. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets. Last year the Fed found all 34 large banks tested remained well above their risk-based minimum capital requirements, and the Fed announced no restrictions relating to dividends and buybacks. These test results will be keenly … Continue reading “Federal Reserve Hypotheticals For 2023 Bank Stress Tests have Unemployment at 10%”
PNC Bank Earnings Hurt by Fall in Fee Income and Higher Credit Loss Provisions
PNC Financial reported worse than expected fourth quarter earnings before the market Wednesday. JPM, Wells Fargo, Wells Fargo, Bank of America, Goldman Sachs and Citigroup all reported earlier. Non-interest income fell 8.2% year over year to $2.08 billion due to falling fee income components, except for card and cash management fees, and lending and deposit services fees. PNC reported provision for credit losses of $408 million in the fourth quarter and net loan charge-offs were $224 million, up 80.6% year … Continue reading “PNC Bank Earnings Hurt by Fall in Fee Income and Higher Credit Loss Provisions”
Fitch Says Lack of Crypto Regulation Limits Further U.S. Bank Participation
The lack of a federal regulatory framework will likely limit U.S. bank participation in digital assets and the blockchain in the near-term Fitch Ratings says. U.S. banks have generally taken an “asset-light approach to digital assets”. This includes offering custody and collateral settlement via blockchain networks and issuing stable coin-based payment solutions. BNY Mellon recently began accepting bitcoin and ether from customers after receiving approval by the New York Department of Financial Services (NYDFS). For banks it’s about security, customers … Continue reading “Fitch Says Lack of Crypto Regulation Limits Further U.S. Bank Participation”
PNC Bank Earnings Higher with Widening Net Interest Margin
PNC Financial reported better than expected third quarter earnings before the market Friday along with JPM, Wells Fargo and Citigroup. $PNC saw net interest income grow 7% to $3.5 billion, driven by higher yields on interest-earning assets and loan growth, partially offset by higher funding costs. Noninterest income fell 11% to $2.07 billion on the back of the acquisition of BBVA USA and higher merger and acquisition advisory fees. PNC Financial Services Group Inc NYSE: PNC · Reported Before Open … Continue reading “PNC Bank Earnings Higher with Widening Net Interest Margin”
What to Expect from PNC Bank Earnings With Widening Net Interest Margin
PNC Financial report third quarter warnings before the market Friday along with JPM, Wells Fargo and Citigroup. Last quarter $PNC’s net income was $1.5 billion, or $3.39 per diluted share topped Wall Street’s average EPS estimate of $3.14. Revenue topped $5.1 billion, up 10% from the second quarter of 2021 on higher net interest income, which increased 18%. Analysts expected revenue to range between $5.05 billion to $5.18 billion. PNC stock fell to $147.26 −3.70 (- 2.45%) with nerves about … Continue reading “What to Expect from PNC Bank Earnings With Widening Net Interest Margin”
Australia’s Biggest Mortgage Lender CBA Profit Jumps 11pc to $9.6 billion on Home Lending
Australia’s Commonwealth Bank’s full-year cash profit for 2022 rose 11 per cent to $9.6 billion. CBA announced they will raise their dividend with the strength of strong growth in home and business lending and lower bad debts even as interest rates rise. The Reserve Bank of Australia has raised interest rates for the fourth consecutive time to 1.85% in July. Intense mortgage market competition coupled with higher funding costs led to the margin being squeezed lower than the benefit from … Continue reading “Australia’s Biggest Mortgage Lender CBA Profit Jumps 11pc to $9.6 billion on Home Lending”