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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