PNC Revenue Lifted by Net Interest Income Rise
12 April 2019 - 9:54PM
Dow Jones News
By Allison Prang
Revenue and profit at PNC Financial Services Group Inc.
increased in the first quarter, while the bank's provision for
credit losses doubled as a result of loan growth.
PNC reported total revenue of $4.29 billion for the quarter, up
4.3% from the comparable quarter a year ago. Analysts polled by
Refinitiv were expecting $4.27 billion in revenue.
Net interest income rose 4.8% to $2.48 billion. Noninterest
income increased 3.5% to $1.81 billion.
PNC, one of the country's largest regional banks, reported
earnings of $1.26 billion for the first quarter, up 2.6% from a
year earlier. It posted earnings of $2.61 a share, up from $2.43 a
share. Those earnings met the consensus from analysts.
The bank's provision for credit losses more than doubled to $189
million, up from $92 million a year earlier.
PNC Chief Executive Bill Demchak said in prepared remarks Friday
that the provision's rise was due to solid loan growth and that
overall credit quality remained strong.
The company reported a net interest margin of 2.98%, up from
2.91% the comparable quarter a year ago. For the fourth quarter of
2018, it was 2.96%.
Shares rose 0.8% premarket on relatively low volume.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 12, 2019 07:39 ET (11:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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