PNC’s Net Interest Income Slips With Loan Growth Still Muted
- PNC still expecting full-year NII to decline as much as 5%
- Lender’s stock declined following the first-quarter results
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PNC Financial Services Group Inc. missed estimates for net interest income in the first quarter, a sign that the Pittsburgh-based lender has continued to grapple with muted loan growth.
Shares fell after the company reported net interest income for the first quarter of $3.26 billion, according to a statement. That slightly missed the $3.3 billion average of analysts’ estimates compiled by Bloomberg, though it was in line with what the company forecast just weeks ago at an investor conference.