The PNC Financial Services Group (PNC) Revenue — Quarter Ended Jun 30, 2023
Revenue for the second quarter decreased from the immediately preceding quarter but increased compared to the same quarter one year earlier. The sequential decline was driven by lower net interest income and noninterest income, while the year-over-year improvement was supported by higher net interest income.
Key takeaway
Quarter ended Jun 30, 2023 · FY2023 Q2
Revenue for the second quarter decreased from the immediately preceding quarter but increased compared to the same quarter one year earlier. The sequential decline was driven by lower net interest income and noninterest income, while the year-over-year improvement was supported by higher net interest income.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$5.3B
Revenue reported for this quarter.
Quarter-over-quarter
-5.5%
Change from the immediately preceding quarter.
Year-over-year
+3.5%
Change from the comparable year-ago quarter.
Trailing four quarters
$22.2B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2022 | $5.5B | +6.8% |
| Dec 31, 2022 | $5.8B | +12.4% |
| Mar 31, 2023 | $5.6B | +19.4% |
| Jun 30, 2023 | $5.3B | +3.5% |
Revenue performance
The revenue decline from the prior quarter reflected decreases in both net interest income and noninterest income. Noninterest expense rose slightly, but the overall revenue drop resulted in lower pretax income.
Quarterly comparison
Compared with the immediately preceding quarter, total revenue fell, and net interest income also declined. Versus the same quarter a year ago, revenue grew, primarily due to higher net interest income.
What to watch
Monitor trends in noninterest income and expense management in upcoming quarters.