From Investing.com: 2024-04-16 07:35:58

PNC Financial Services Group, Inc. exceeded earnings expectations in the first quarter with adjusted EPS of $3.36, beating the consensus by $0.34. However, revenue fell slightly short at $5.15 billion compared to the expected $5.19 billion. The stock saw a 0.69% decline post-announcement, driven by the mixed financial results.

In Q1, PNC experienced a 4% decrease in revenue from the previous quarter and an 8% drop year-over-year. Net interest income was $3.3 billion, down 4% from Q4 2023 and 9% from last year. Noninterest income also decreased by 4% and 7% respectively in the same comparison periods.

Chairman and CEO Bill Demchak emphasized PNC’s solid results, including a net income of $1.3 billion in Q1. The bank’s provision for credit losses decreased to $155 million, with an 18% effective tax rate for the quarter. PNC’s balance sheet remained strong, with average loans and deposits each down by 1%.

Despite revenue slightly below estimates, PNC’s positive EPS beat led to a modest stock decline post-announcement. The bank’s strong liquidity and capital positions position it well for growth throughout the year, according to CEO Bill Demchak. PNC’s provision for credit losses decreased to $155 million, reflecting improved economic conditions.



Read more at Investing.com: PNC Financial reports mixed Q1 results, stock down slightly By Investing.com