Big drop in interest margin at PNC

|About: PNC Financial Services G... (PNC)|By:, SA News Editor

Net interest income of $2.129B falls 6% Y/Y, with NIM slipping a whopping 46 basis points from a year ago and 14 bps from Q1.

Noninterest income of $1.681B falls 7% Y/Y, with increases in about all categories offset by a lower gain on sale from Visa shares.

Noninterest expense of $2.328B falls 3% Y/Y

2.6M shares repurchased during quarter.

Common equity Tier 1 capital ratio of 11%, up from 10.8% at end of Q1.

PNC -4%

Previously: PNC Financial beats by $0.07, revenues in line