PNC Financial Services Posts Lower 1Q Profit on Higher Provision for Credit Losses
April 15 2020 - 7:36AM
Dow Jones News
By Dave Sebastian
PNC Financial Services Group Inc. said its profit for the first
quarter fell as it had a higher provision for credit losses.
The regional bank on Wednesday had net income of $908 million
after noncontrolling interests, or $1.95 a share, compared with
$1.26 billion, or $2.61 a share, in the same quarter last year.
Analysts polled by FactSet were expecting $2.08 a share.
Revenue was $4.52 billion, up from $4.29 billion in the year-ago
period. Analysts were targeting $4.39 billion.
Provision for credit losses were $914 million, compared with
$189 million in the same period last year.
"Extraordinary changes in the economic backdrop occurring in
March and the implications of the broad-based response to the
Covid-19 outbreak had a material impact on our provision for credit
losses," said Bill Demchak, PNC's chairman, chief executive and
president.
Net interest income was $2.51 billion, compared with $2.48
billion in the same period last year. Noninterest income rose to
$2.01 billion from $1.81 billion, while noninterest expense ticked
lower to $2.54 billion from $2.58 billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 15, 2020 07:21 ET (11:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Sep 2024 to Oct 2024
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Oct 2023 to Oct 2024