PNC Financial Services 1Q Profit, Revenue Fall
By Adriano Marchese
PNC Financial Services Group's profit and revenue fell in the first quarter, while nonperforming loans rose in the period.
On Tuesday, the Pittsburg, Pennsylvania-based bank holding company and financial services company posted a lower net income of $1.34 billion, or $3.10 a share, compared with $1.69 billion, or $3.98 a share, in the same quarter a year ago.
Adjusted earnings were $3.36 a share. According to FactSet, analysts were expecting $3.01 a share.
Revenue fell to $5.15 billion from $5.36 billion. Analysts were expecting a decline to $5.19 billion.
In the period, PNC said delinquencies fell by about 8% to $1.28 billion, while higher commercial real estate nonperforming loans weighed on its total nonperforming loans, which rose 9% to $2.38 billion.
The allowance for credit losses was $5.37 billion versus $5.41 billion a year ago.
Chairman and Chief Executive Bill Demchak said the quarter was marked by a growth in its customer-base, reduced expenses, increased deposits, improved liquidity and capital positions.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
April 16, 2024 07:26 ET (11:26 GMT)
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