PNC Financial Tops Q1 Earnings Estimates Despite Revenue Miss, Credit Loss Provisions Rise

PNC Financial Services Group, Inc. (NYSE:PNC) reported first-quarter results on Tuesday, where earnings per share of $3.51 outpaced the analyst consensus estimate of $3.39.

Quarterly sales of $5.452 billion missed the street view of $5.489 billion. Revenues gained 6% year over year in the quarter under review.

Net interest income grew 6% year over year to $3.476 billion, thanks to the benefit of lower funding costs and the continued repricing of fixed rate assets. The net interest margin was 2.78%, increasing by 21 basis points from the first quarter of 2024.

Noninterest income grew 5% to $1.976 billion, driven by business growth across all ...

https://www.benzinga.com/25/04/44813656/pnc-financial-tops-q1-earnings-estimates-despite-revenue-miss-credit-loss-provisions-rise