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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