The PNC Financial Services Group, Inc. (NYSE:PNC) reported first-quarter results showing earnings strength driven by higher net interest income and loan growth, despite a revenue miss.
Earnings and Revenue
- PNC Financial reported first-quarter diluted EPS of $4.13 and adjusted EPS of $4.32, beating the $4.05 analyst estimate.
- Revenue of $6.17 billion missed the $6.242 billion estimate, rising 13% year over year and 2% sequentially.
- Net income increased to $1.77 billion from $1.50 billion a year earlier.
- Net interest income rose 14% year over year and 6% sequentially to $3.96 billion, while net interest margin expanded to 2.95%, up 17 basis points year over year and 11 basis points from the prior quarter.
- Noninterest income grew 12% year over year to $2.20 billion but declined 6% sequentially, with fee income down 2% from the fourth quarter.
- Noninterest expense rose 11% year over year to $3.77 billion, driven …