PNC Financial Services Group (PNC) shares lost ground Tuesday as the bank posted a big drop in first-quarter profit and revenue, and offered soft guidance.

PNC reported first-quarter net income fell 21% year-over-year to $1.34 billion, although adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $3.36 exceeded estimates. Revenue declined 8% to $5.15 billion, short of forecasts.

澳洲幸运5官方开奖结果体彩网:Net interest income declined 9% from Q1 2023 to $3.26 billion. 澳洲幸运5官方开奖结果体彩网:Noninterest income dropped 7% to $1.88 billion.

PNC noted that it paid $130 million in a special 澳洲幸运5官方开奖结果体彩网:Federal Deposit Insurance Corporation (FDIC🅷) charge to cover the costs of the federal🍎 takeover of failed banks.

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Bill Demchak remained upbeat, saying that PNC ”grew customers, reduced eಌxpenses, increased spot deposits, maintained stable credit quality and continued to build upon our strong liquidity and capital positions.”

However, the company projected current-quarter net interest income to be down about 1% from the first quarter, with total revenue “stable.” It left its full-year outlook compared to 2023 unchanged, with net interest income falling 4% to 5% and revenue in the range of stable to 2% lower.

Shares of PNC Financial Services Group were down 1.5% to $147.39 as of about 11:45 a.m. ET. They are down almost 6% in 2024 but up more than 17% in the past year.