PNC(US:PNC) Benzingaยท2024-07-16 18:26Group 1 - PNC Financial Services Group, Inc. reported a revenue increase of 2% year-over-year to $5.411 billion, slightly missing the consensus of $5.412 billion, while adjusted EPS of $3.30 exceeded the consensus of $2.98 [1] - For FY24, PNC expects net interest income (NII) to decline by 4%, with revenue projected to decrease by 1%-2%, and average loans expected to decline by less than 1% [1] - The updated FY2024 guidance suggests a 2% lower pre-provision net revenue (PPNR) than the Street consensus [1] Group 2 - Analysts anticipate management's comments on the assumptions driving guidance, NII trajectory in H2 2024 and 2025, expense trends, and credit outlook [2] - Net charge-offs (NCOs) for commercial real estate (CRE) rose to 1.28%, an increase of approximately 65 basis points quarter-over-quarter, leading to a rise in the office CRE reserve ratio from 9.7% to 10.3% [2] - PNC shares are currently up 4.66% at $176.89 [3]