PNC 4Q Profit Rises, Lifted by Interest Rates
January 18 2023 - 7:25AM
Dow Jones News
By Will Feuer
PNC Financial Services Group Inc. posted higher profit for the
fourth quarter as rising interest rates helped boost results.
The Pittsburgh-based bank said net income attributable to common
shareholders rose to $1.4 billion, compared with $1.21 billion in
the same period a year earlier.
Earnings were $3.47 a share, compared with $2.86 a share.
Analysts surveyed by FactSet were expecting earnings of $3.95 a
share.
Revenue rose 12% to $5.76 billion from $5.13 billion for the
prior-year period. Analysts surveyed by FactSet had been
forecasting revenue of $5.71 billion.
Net interest income surged 29% to $3.68 billion, driven by
higher yields on interest-earning assets and growth in
balances.
Noninterest income fell 8% to $2.08 billion, as year-over-year
declines in asset management, deal activity and mortgage demand
weighed on the business.
Provision for credit losses in the quarter was $408 million, up
from $241 million in the third quarter. In the year-ago period, the
company booked a benefit of $327 million from its provision for
credit losses. The increase reflects concerns the bank could have
about the strength of the economy.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 18, 2023 07:10 ET (12:10 GMT)
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