PNC Shares Fall After CEO Sheds Light on Net Interest Income Guidance
October 16 2019 - 12:22PM
Dow Jones News
By Allison Prang
Shares of PNC Financial Services Group Inc. (PNC) dipped
Wednesday after Chief Executive Bill Demchak said the outlook for
net interest income today was slightly worse than it had been.
"So we talked about kind of down 1%, I think, on forwards," Mr.
Demchak told analysts on the third-quarter earnings call Wednesday.
"It's maybe a little bit worse than that today but not a whole
lot."
Mr. Demchak followed up on those comments shortly after, saying
guidance he would've given the week earlier would've been more
positive.
"It's not a big move from where we are," he said. "We're not
dependent on it. In a given day last week, I would have told you
that it would have been down less than 1%."
At a conference in September, Mr. Demchak said that given the
forwards at the time, net interest income would be flat the next
year.
"There's 50 variables in there, but, all else equal, NII holds
flat in the next year off of the forwards today," he said Sept.
11.
The company is guiding for its net interest income to fall by
about 1% in the fourth quarter.
Shares of PNC were up 0.6% midday.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 16, 2019 12:07 ET (16:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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