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 along after 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 … 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”

PNC Bank Revenue Grew 10% on Strong Loan Growth

PNC Financial reported second quarter earnings before the bell on Friday along with Wells Fargo and Citigroup.  $PNC net income of $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 USD −3.70 (- 2.45%) with nerves about the … Continue reading “PNC Bank Revenue Grew 10% on Strong Loan Growth”

Federal Reserve Gives All Banks a Pass in Annual Bank Stress Test

The Federal Reserve released its annual bank stress test after the market close Thursday. 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. With the dismal state of the economy through soaring inflation and record low consumer sentiment these tests were keenly watched. Banks suffered slightly more hypothetical losses in the 2022 severe test than last year, posting $612 billion in projected losses as capital … Continue reading “Federal Reserve Gives All Banks a Pass in Annual Bank Stress Test”

PNC Bank Revenue Grew 11% Boosted by the BBVA USA Acquisition.

PNC Financial reported first quarter earnings before the bell on Thursday along with Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup.  $PNC earnings fell 22% to $1.43 billion from $1.83 billion last year but beat analysts expectations. Revenue rose 11% for the quarter to $4.69 billion bolstered by PNC’s acquisition of BBVA USA. PNC Financial Services Group Inc NYSE: PNC · Reported Before Open Thursday $3.23 EPS Beat $2.77 Expected AND $4.69 Billion Missed $4.72 Billion Revenue Forecast PNC Q1 … Continue reading “PNC Bank Revenue Grew 11% Boosted by the BBVA USA Acquisition.”

SoFi Pays $1.1 Billion for Banking Software Infrastructure Firm Technisys

In an all-stock deal SOFI hoping to revamp the student lender into a full-service bank. SoFi Technologies (SOFI) is acquiring banking-software maker Technisys SA for about $1.1B in an all-stock deal. SOFI is trading $11.39▼ 0.79 (-6.49%) pre-market. SoFi Technologies Inc. is buying banking-software maker Technisys SA for about $1.1 billion, the latest in a string of deals designed to transform the lender into a one-stop financial shop. Last month, the company received an approval to become a national bank through its proposed acquisition of Golden Pacific … Continue reading “SoFi Pays $1.1 Billion for Banking Software Infrastructure Firm Technisys”

Blackrock Earnings Continue To Build With Assets and ETFs Under Management

Blackrock report  third quarter earnings before the bell Wednesday. $BLK income from it’s ETF and investment management income continues to soar with over $9 trillion in total assets under management. They report ahead of  Goldman Sachs $GS,  Wells Fargo $WFC and after JPMorgan $JPM.