PNC Financial Revenue Grows, Earnings Decline on Higher Expenses
January 18 2022 - 7:43AM
Dow Jones News
By Matt Grossman
PNC Financial Services Group Inc. on Tuesday logged greater
interest- and fee-based revenue in its fourth quarter, but profit
declined amid higher expenses.
The Pittsburgh-based bank company posted earnings of $2.86 a
share, compared with earnings of $3.26 a share in the same
three-month period a year earlier. Analysts surveyed by FactSet had
forecast earnings of $3.29 a share.
Net income attributable to common shareholders was $1.22
billion, down from $1.39 billion.
PNC's revenue increased to $5.13 billion, from $4.21 billion 12
months earlier. Net interest income rose to $2.86 billion, from
$2.42 billion. Non-interest income was $2.27 billion, up from $1.78
billion.
Analysts were expecting net interest income of $2.9 billion and
non-interest income of $2.24 billion.
Non-interest expenses rose to $3.79 billion, from $2.71 billion
a year ago.
PNC reported a net interest margin of 2.27%, stable compared
with the third quarter's level, the bank said. Net interest income
rose sequentially on higher securities balances.
On a quarter-over-quarter basis, non-interest income trended
lower as a decline in residential-mortgage revenue and lower
deposit service charges overcame high levels of activity in
corporate-service business.
PNC recaptured $327 million of credit-loss provisions it had
previously set aside, a move the bank said reflected improving
economic conditions.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
January 18, 2022 07:28 ET (12:28 GMT)
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