PNC Financial reported Q1/19 earnings were $1.27 billion, up from $1.24 billion for the same quarter in 2018. Earnings per share of $2.61 compared to $2.43 a year earlier and met analysts’ estimates polled by Thompson Reuters.
Highlights from the report are:
Average commercial lending balances of $154.7 billion in Q1/19 were up 4.4% from $148.2 billion a year earlier. PNC noted the increase was due to loan growth in PNC’s corporate banking business as well as growth in business credit, partially offset by a decrease in average loans in the real estate business.
The Q1/19 provision for credit losses of $189 million compared to $148 million sequentially and $92 million for the same quarter a year earlier.
PNC’s Q1/19 net interest margin of 2.98% was up from 2.96% sequentially and 2.91% for the same year-ago quarter.
Bill Demchak, PNC chairman, president and CEO said, “PNC delivered a very good first quarter. Year over year, we grew net income and compared with fourth quarter 2018, net interest income was stable despite two fewer days, our net interest margin expanded and we kept expenses flat. While the provision increased reflecting our solid loan growth, overall credit quality remained strong. As 2019 unfolds, we remain confident about the strength of the economy and the opportunities to drive growth, efficiency and value over the long term as we continue to focus on doing what is best for our shareholder, customers, employees and communities.”
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