PNC 1Q Profit Rises on Robust Client Activity

By Connor Hart

PNC Financial Services Group logged higher first-quarter profit and revenue, as client activity remained robust.

The Pittsburgh bank and financial-services company on Wednesday reported net income of $1.72 billion, or $4.13 a share, compared with $1.5 billion, or $3.51 a share, a year earlier.

Stripping out certain one-time items, earnings were $4.32 a share. Analysts polled by FactSet expected adjusted earnings of $4.16 a share.

Total revenue rose 13% to $6.17 billion. Wall Street models called for $6.24 billion.

Net interest income climbed 14% to $3.96 billion, reflecting PNC's acquisition of FirstBank, lower funding costs and commercial-loan growth, the bank said. Noninterest income increased 12% to $2.2 billion.

Total loans at the end of the quarter were up 13% to $360.9 billion.

Provision for credit losses fell 4.1% to $210 million on the back of loan growth and the FirstBank acquisition, as well as updates to macroeconomic factors, PNC said.

Chief Executive Bill Demchak said the recent quarter benefited from strong legacy loan growth and robust client activity across all of the bank's geographies. "Importantly, we're well positioned to continue our strong momentum," he added.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

April 15, 2026 07:40 ET (11:40 GMT)