By Ben Glickman

PNC Financial Services Group's profit fell in the fourth quarter on lower revenue.

The Pittsburgh-based bank posted a profit of $883 million, or $1.85 a share, in the fourth quarter, compared with $1.55 billion, or $3.47 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $2.12.

Stripping out certain one-time items, adjusted per-share earnings came to $3.16, ahead of the $2.90 forecast by analysts, according to FactSet.

Revenue fell nearly 7% from a year earlier to $5.36 billion, topping the $5.3 billion expected by analysts polled by FactSet.

Chief Executive Bill Demchak said PNC "demonstrated its strength and stability" in a challenging year for banks.

PNC's net interest income came to $3.4 billion, relatively stable on a sequential basis.

The bank's average deposits were down about 3% from a year ago to $423.9 billion.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 16, 2024 07:14 ET (12:14 GMT)

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