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NEW YORK - PNC Financial Services Group Inc (NYSE:PNC) reported first-quarter earnings that surpassed analyst expectations on Tuesday.
The Pittsburgh-based bank posted earnings per share of $3.51, beating the consensus estimate of $3.39. Revenue came in at $5.45 billion, slightly below expectations of $5.49 billion but up 6% YoY.
PNC’s net interest income rose 6% YoY to $3.48 billion, benefiting from higher interest rates and lower funding costs. The bank’s net interest margin expanded to 2.78%, up 21 basis points from a year ago.
"PNC had a strong start to the year. We grew customers and commercial loans, expanded our net interest margin, increased capital levels and maintained solid credit quality metrics," said PNC Chairman and CEO Bill Demchak.
Total (EPA:TTEF) loans increased 1% from the previous quarter to $318.9 billion, driven by 3% growth in commercial and industrial loans. Deposits declined 1% to $422.9 billion.
The bank’s provision for credit losses rose to $219 million from $155 million a year ago, reflecting changes in macroeconomic factors and portfolio activity.
PNC maintained a strong capital position, with its common equity Tier 1 capital ratio rising to 10.6% from 10.1% a year earlier.
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