PNC Financial reported Q1/18 net income was $1.24 billion compared with $1.07 billion in Q1/17 and $2.1 billion for Q4/17, which included a net benefit of $900 million from federal tax legislation and significant items.

The following highlights were excerpted from the earnings release:

• Total revenue in Q1/18 of $4.11 billion was up 5.9% from $3.88 billion for the same quarter in 2017.
• The net interest margin increased to 2.91% in Q1/18, up from 2.88% in Q4/17 and 2.77% in Q1/17.
• The Q1/18 provision for loan losses of $92 million was up 5% from $88 million in the same quarter in 2017.

Bill Demchak, PNC Chairman, president and CEO, said, “PNC delivered another quarter of strong earnings. Our expanded net interest margin, well-managed expenses and stable credit quality contributed to our results as we maintained strong capital returns. We see loan demand strengthening and look forward to launching our national retail digital strategy as the year goes on, and we continue to invest in our strategic priorities to expand PNC’s franchise, deepen customer relationships and leverage technology to create long-term shareholder value.”