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PNC Financial's first-quarter profit meets estimates

Key Points
  • PNC Financial's first-quarter profit met analysts' estimates.
  • A rise in expenses and provision for credit losses overshadowed growth in interest income and loans.
  • The lender's expenses rose 2% to $2.58 billion, while provision for loan losses more than doubled to $189 million from a year ago.
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 first-quarter profit met analysts' estimates on Friday, as a rise in expenses and provision for credit losses overshadowed growth in interest income and loans.

The lender's expenses rose 2% to $2.58 billion, while provision for loan losses more than doubled to $189 million from a year ago.

Net interest income rose about 5% to $2.48 billion, helped by higher interest rates.

PNC Financial, one of the largest U.S. lenders by assets, said its loan portfolio grew about 5% to about $232 billion, with commercial lending accounting for nearly 68 percent of total loans.

Pittsburgh, Pennsylvania-based PNC's net income attributable to shareholders rose 2.7% to $1.20 billion in the first quarter ended March 31. Earnings per share came in at $2.61, in line with analysts' expectations, according to IBES data from Refinitiv.

The bank's total revenue rose 4.3 percent to $4.29 billion.

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Finance

JP Morgan shares surge after bank posts record profit and revenue

Key Points
  • Bank's first-quarter profit and revenue exceeded analysts' estimates on higher interest rates, and the shares surge.
  • Profit rose 5 percent to $9.18 billion and revenue also rose 5 percent to $29.9 billion.
  • "Even amid some global geopolitical uncertainty, the U.S. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy and consumer and business confidence remains strong," CEO Jamie Dimon says.