Here's What Key Metrics Tell Us About The PNC Financial Services Group (PNC) Q2 Earnings

Core Insights - The PNC Financial Services Group reported a revenue of $5.41 billion for the quarter ended June 2024, reflecting a 2.2% increase year-over-year and a surprise of +2.08% over the Zacks Consensus Estimate of $5.3 billion [1] - Earnings per share (EPS) for the quarter were $3.30, slightly down from $3.36 in the same quarter last year, but exceeded the consensus estimate of $3.00 by +10.00% [1] Financial Performance Metrics - Efficiency ratio stood at 62%, better than the average estimate of 63.9% from seven analysts [2] - Net interest margin was reported at 2.6%, matching the average estimate from seven analysts [2] - Average balance of total interest-earning assets was $511.62 billion, slightly below the estimated $512.45 billion [2] - Book value per common share was $116.70, exceeding the average estimate of $115.88 [2] - Total nonperforming assets amounted to $2.54 billion, slightly above the average estimate of $2.52 billion [2] - Net charge-offs to average loans were 0.3%, in line with the average estimate [2] - Total nonperforming loans were reported at $2.50 billion, marginally below the estimated $2.51 billion [2] - Tier 1 risk-based ratio was 11.6%, slightly above the average estimate of 11.5% [2] - Leverage ratio was reported at 8.9%, matching the average estimate [2] - Total capital risk-based ratio was 13.5%, exceeding the estimated 13.3% [2] - Total noninterest income reached $2.11 billion, significantly above the average estimate of $1.96 billion [2] - Net interest income (FTE) was $3.34 billion, surpassing the average estimate of $3.27 billion [2] Stock Performance - Shares of The PNC Financial Services Group have increased by +10.6% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]