PNC 1Q Earnings Drop as Weakness in Capital Markets Offsets Loan Growth
April 14 2022 - 7:46AM
Dow Jones News
By Rob Curran
PNC Financial posted a 22% drop in first-quarter earnings as
lower income from capital-markets business lines offset increased
loan demand and a boost from an acquisition.
The Pittsburgh bank said first-quarter net income fell to $1.43
billion, or $3.23 a share, from $1.83 billion, or $4.10 a share, a
year earlier.
First-quarter revenue rose 11%, to $4.69 billion, from $4.22
billion a year earlier, boosted by the recent acquisition of BBVA
USA.
The bank incurred $16 million of integration costs during the
first quarter, PNC said.
Due to a perceived improvement of Covid-19 economic effects, PNC
recaptured $208 million of provisions for credit losses.
Net interest income rose 19%, to $2.8 billion. Capital-markets
related income fell by 19%, to $252 million, PNC said.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
April 14, 2022 07:31 ET (11:31 GMT)
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