PNC Financial reported Q1/17 revenue and net income was $3,884 million and $1,074 million, up 6.0% ($219 million) and 13.9% ($131 million) from $3,665 million and $943 million, respectively, in Q1/16. Earnings per share of $1.96 exceeded analysis’ expectations of $1.83.

The following highlights comparing Q1/17 versus Q1/16 were excerpted from the news release:

• Net interest income of $2,160 million was up 3% from $2,098 million a year earlier.
• Noninterest Income of $1,724 million was up 10% from $1,567 million in Q1/16.
• Net interest margin was 2.77% compared to 2.75% in Q1/16.
• Commercial loans at 3/31/17 of $140.6 billion were up 4% compared to $135.1 billion a year earlier.
• Provision for credit losses of $88 million was down 42% from $152 million a year earlier.
• Net charge-offs of $118 million were down 21% from $149 million in Q1/16.
• Corporate & Institutional Banking net income of $484 million was up 21.6% from $398 million in Q1/16.

Commenting on the bank’s Q1/17 performance, William S. Demchak, chairman, president and CEO said, “PNC had a good start to the year. We grew loans and revenue, and we managed expenses well while continuing to invest in our business and to enhance innovation. As we progress through 2017, we are well positioned to benefit should environmental factors, including interest rates, turn more favorable.”