PNC releases mid-year stress test results
Sept 16 (Reuters) - PNC Financial Services Group Inc's projected Tier 1 common ratio will fall to a low of 9.4 percent through the second quarter of 2015 under a severely adverse scenario, the lender's mid-year stress test results showed.
The company-run stress test estimates the impact of an internally developed, hypothetical severely adverse macroeconomic scenario over a nine-quarter period.
PNC's Tier 1 capital ratio touched a low of 11.4 percent, while its Tier 1 leverage ratio dropped to a minimum of 9.7 percent under the stress scenario, the bank disclosed on its website. ()
The 12th-largest U.S. bank by assets projected a total provision expense of $9.8 billion over the planning period, which provides for net charge-offs of $6.9 billion.
PNC shares were up 1.3 percent at $74.22 in late afternoon trading on the New York Stock Exchange on Monday.