PNC Financial first-quarter profit meets estimates
Reuters
Published Apr 12, 2019 07:29AM ET
PNC Financial first-quarter profit meets estimates
(Reuters) - PNC Financial Services Group (NYSE:PNC) Inc'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 percent 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 percent 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 percent 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 percent 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. [https://reut.rs/2ZaNZvF]
The bank's total revenue rose 4.3 percent to $4.29 billion.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.