PNC Financial 1Q Profit Rises, Revenue Falls
April 16 2021 - 6:48AM
Dow Jones News
By Dave Sebastian
PNC Financial Services Group Inc. said its profit for the fiscal
first quarter rose on provision recapture driven by improved
macroeconomic expectations.
The Pittsburgh-based regional bank on Friday posted net income
attributable to the company of $1.82 billion, compared with $908
million in the prior year. Earnings were $4.10 a share, compared
with $1.95 a share in the same period last year. Analysts polled by
FactSet were expecting earnings of $2.72 a share.
Provision for credit losses was negative $551 million, compared
with positive $914 million in the year-ago period.
"We recorded a substantial provision recapture, saw improvement
in our credit metrics and capital and liquidity are at record
levels," Chief Executive Bill Demchak said. "We see significant
growth opportunities as the economy recovers and rates
improve."
Revenue fell to $4.22 billion from $4.34 billion. Analysts were
looking for $4.12 billion.
Net interest income fell to $2.35 billion from $2.51 billion,
while noninterest income rose to $1.87 billion from $1.83 billion a
year earlier.
Analysts were looking for net interest income of $2.41 billion
and noninterest income of $1.72 billion.
Average deposits were $365.4 billion, compared with $289.7
billion in the year-ago period.
Net loan charge-offs were $146 million, compared with $212
million in the same period last year.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 16, 2021 07:33 ET (11:33 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From Apr 2024 to May 2024
PNC Financial Services (NYSE:PNC)
Historical Stock Chart
From May 2023 to May 2024