PNC Revenue Lifted by Net Interest Income Rise

By Allison Prang

Revenue and profit at PNC Financial Services Group Inc. increased in the first quarter, while the bank's provision for credit losses doubled as a result of loan growth.

PNC reported total revenue of $4.29 billion for the quarter, up 4.3% from the comparable quarter a year ago. Analysts polled by Refinitiv were expecting $4.27 billion in revenue.

Net interest income rose 4.8% to $2.48 billion. Noninterest income increased 3.5% to $1.81 billion.

PNC, one of the country's largest regional banks, reported earnings of $1.26 billion for the first quarter, up 2.6% from a year earlier. It posted earnings of $2.61 a share, up from $2.43 a share. Those earnings met the consensus from analysts.

The bank's provision for credit losses more than doubled to $189 million, up from $92 million a year earlier.

PNC Chief Executive Bill Demchak said in prepared remarks Friday that the provision's rise was due to solid loan growth and that overall credit quality remained strong.

The company reported a net interest margin of 2.98%, up from 2.91% the comparable quarter a year ago. For the fourth quarter of 2018, it was 2.96%.

Shares rose 0.8% premarket on relatively low volume.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 12, 2019 07:39 ET (11:39 GMT)

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