PNC Financial 1Q Earnings, Revenue Grow As Rates Rise
April 14 2023 - 7:40AM
Dow Jones News
By Dean Seal
PNC Financial Services Group Inc. logged stronger-than-expected
earnings growth in the first quarter as rising interest rates
boosted revenue.
The Pittsburgh-based bank posted net income attributable to
common shareholders of $1.61 billion, up from $1.36 billion in the
same quarter a year ago.
Earnings came in at $3.98 a share, compared with $3.23 a share
in the year-ago period. Analysts surveyed by FactSet were expecting
earnings of $3.66 a share.
Revenue rose 19% to $5.6 billion, in line with analyst
expectations, according to FactSet.
Net interest income jumped to $3.59 billion from $2.8 billion in
the same quarter last year, driven by higher yields on
interest-earning assets and partially offset by higher funding
costs.
Noninterest income was up 6.9% at $2.02 billion thanks to
business growth across the franchise and higher private equity
revenue, though the uptick was partially offset by the impact of
lower average equity markets.
Provision for credit losses in the quarter was $235 million,
down from $408 million in the preceding quarter. In the year-ago
period, the company booked a benefit of $208 million from its
provision for credit losses.
Shares were up 4% at $126.30 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 14, 2023 07:25 ET (11:25 GMT)
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