By Will Feuer

PNC Financial Services posted roughly flat earnings for the second quarter as net interest income began to cool off and deposits fell.

The Pittsburgh-based bank posted net income of $1.48 billion, roughly flat with the same quarter a year ago.

On a per-share basis, earnings came to $3.36, compared with $3.39 in the year-ago period. Analysts surveyed by FactSet were expecting earnings of $3.29 a share.

Revenue rose to $5.29 billion from $5.12 billion. Analysts surveyed by FactSet were expecting revenue of $5.45 billion.

Average deposits fell to $425.7 billion from $446.5 billion a year ago and $436.2 billion in the previous quarter.

Net interest income rose 15% from a year ago to $3.51 billion, but fell 2% on a sequential basis.

The bank provisioned $146 million for credit losses, compared with $36 million a year ago and $235 million in the first quarter.

Shares fell 3.5% to $122.75 in premarket trading.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

July 18, 2023 07:18 ET (11:18 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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