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PNC Financial Services Group, Inc. (NYSE: PNC) reported first-quarter revenue up 19% year-on-year to $5.6bn, below consensus of $5.61bn.
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Net interest income increased 28% year-over-year to $3.6bn, driven by higher yields and balances of interest-bearing assets.
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Non-interest income increased 7% year-over-year to $2 billion thanks to higher private equity inflows and business growth across the franchise.
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The net interest margin reached 2.84%, an increase of 56 basis points.
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Deposits as of March 31, 2023 were $436.8 billion, an increase of $0.5 billion from December 31, 2022.
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The company reported a provision for credit losses of $235 million in the quarter, which includes the impact of ongoing economic challenges and changes in portfolio composition and quality.
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Net income increased to $1.7 billion from $1.4 billion a year ago.
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EPS of $3.98 beat the consensus of $3.67.
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“PNC’s first quarter results reflected the strength of our balance sheet and the power of our national franchise. During a quarter characterized by increased market volatility, we increased deposits, increased our capital position and delivered strong financial results. By At the same time, we controlled expenses well, achieved positive operating leverage, and our credit quality metrics remained strong.” stated Bill Demchak, Chairman, President and CEO.
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price action: PNC shares are trading down 2.30% at $118.62 in late check on Friday.
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This article PNC Financial First Quarter Highlights: 19% Top Revenue Growth, EPS Pace, Controlled Expenses and More originally appeared on Benzinga.com
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