PNC Financial reports drop in net income

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January 16, 2024 7:42 AM EST

FILE PHOTO: The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photo

By Nupur Anand

NEW YORK (Reuters) - PNC Financial Services Group's net interest income shrank as it took on increased charges to replenish a government deposit insurance fund as well as workforce reduction expenses.

The bank reported a 44% drop in net income to $0.9 billion.

The Pittsburgh-based lender saw its net interest income (NII) - the difference between what banks earn on loans and pay out on deposits - contract by 8% to $3.4 billion from $3.6 billion in the fourth quarter of last year.

PNC set aside $515 million to replenish the Federal Deposit Insurance Corporation's deposit insurance fund (DIF) and took a hit in its quarterly profit along with several other major banks.

Lenders are required to pay the bulk of the $16 billion needed to replenish the government's coffers which were drained after Silicon Valley Bank and Signature Bank failed last year.

The bank, which started layoffs in October, also reported $150 million in workforce reduction charges which impacted its bottom line.

It expects full-year net interest income (NII) of $13.91 billion in 2024, down by about 5% from last year.

(Reporting by Nupur Anand in New York; editing by Jason Neely)


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