The PNC Financial Services Group, Inc. (NYSE: PNC) has announced financial results for the first quarter of 2022, reporting a sharp decline in net profit despite strong revenue growth.
Net income, excluding special items, decreased to $3.29 per share in the most recent quarter from $4.11 per share a year earlier. Unadjusted profit was $1.43 billion or $3.23 per share during the three-month period, compared to $1.83 billion or $4.10 per share in the first quarter of 2021.
“In addition to normal seasonality, fee income was adversely impacted by a general slowdown in capital markets activity; nevertheless, our financial results were solid. Based on this performance, our strong capital levels and the board’s confidence in PNC’s execution of its strategic priorities, we increased the quarterly common stock dividend by 20% in April,” said Bill Demchak, chief executive officer of PNC Financial.