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PNC shares gain on standout earnings report

An ATM is shown at company headquarters for the PNC Financial Services at One PNC Plaza in Pittsburgh, Pennsylvania.
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PNC Financial's stock jumped after the bank reported earnings and revenue that beat Wall Street's expectations.

The Pittsburgh-based bank reported first-quarter profit per share of $1.96, beating the Reuters-estimate of $1.82 per share comfortably. Shares were up 1.5 percent in midday trading.

Reported revenue was $3.884 billion, beating the expected figure of $3.797 billion.

"PNC had a good start to the year," said PNC CEO William S. Demchak. "We grew loans and revenue, and we managed expenses well while continuing to invest in our businesses and to enhance innovation.

As of Thursday's close, shares of PNC are up over 35 percent over the past 12 months.