PNC Financial Services reported net income of $943 million for Q1/16 compared with net income of $1.0 billion for the same quarter a year earlier. Total revenue for the period was $3,665 million, down from $3,731 million in the same quarter a year earlier.

The following highlights were excerpted from the PNC news release:

• First quarter results reflected higher loans and securities, lower revenue, reduced noninterest expense and higher provision for credit losses compared with the Q4/15.
• Provision for credit losses of $152 million for the first quarter increased $78 million compared with the fourth quarter primarily attributable to certain energy related loans.
• Net interest income of $2.1 billion for the first quarter increased $6 million compared with the fourth quarter driven by growth in core net interest income despite a lower day count.
• Noninterest income of $1.6 billion for the first quarter decreased $194 million, or 11%, compared with the fourth quarter primarily due to weaker equity markets, lower capital markets activity and seasonality.

“PNC had solid first quarter earnings that were impacted by weaker equity markets and related fees, and continued deterioration in energy related credits,” said William S. Demchak, chairman, president and CEO. “We lowered expenses, maintained a strong balance sheet and continued to return capital to shareholders. We also saw good underlying trends in our businesses to start the year, and we expect that momentum to continue in 2016.”