PNC Financial Services Group, Inc (NYSE: PNC) reported a Q1 revenues increase of 19% Y/Y to $5.60 billion, marginally missing the consensus of $5.61 billion.
Net interest income rose 28% Y/Y to $3.6 billion, led by higher interest-earning asset yields and balances.
Noninterest income was up 7% Y/Y to $2.0 billion on higher private equity revenue and business growth across the franchise.
Net interest margin came in at 2.84%, up 56 basis points.
Deposits at Mar. 31, 2023, were $436.8 billion, up $0.5 billion from Dec. 31, 2022.
The company reported a provision for credit losses of $235 million in the quarter, which includes the impact of current economic challenges and changes in portfolio composition and quality.
Net income rose to $1.7 billion from $1.4 billion a year ago.
EPS of $3.98 came above the consensus of $3.67.
“PNC’s first quarter results reflected the strength of our balance sheet and the power of our national franchise. During a quarter characterized by heightened market volatility, we grew deposits, increased our capital position and drove strong financial results. At the same time, we controlled expenses well, achieved positive operating leverage and our credit quality metrics remained solid.” stated Bill Demchak, Chairman, President and CEO.
Price Action: PNC shares are trading lower by 2.30% at $118.62 on the last check Friday.
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This article PNC Financial Q1 Highlights: 19% Topline Growth, EPS Beat, Controlled Expenses & More originally appeared on Benzinga.com
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Source: https://finance.yahoo.com/news/pnc-financial-q1-highlights-19-173238118.html