Categories Earnings, Finance

PNC Financial meets Q1 earnings estimates

The PNC Financial Services Group (NYSE: PNC) first quarter earnings met the analysts’ estimates, while revenue surpassed the targets slightly. The company reported earnings of $2.61 per share on revenue of $4.28 billion. Analysts had expected PNC to earn $2.61 a share on revenue of $4.27 billion. PNC stock was flat during the pre-market session.

PNC Financial (PNC) Q1 2019 earnings infograph
PNC Financial Q1 2019 earnings infograph

Net interest income grew 5% year-over-year, while non-interest income increased 3% in the recently ended quarter. Average loans and average deposits both increased 3% versus the year-ago quarter. Provision for credit losses more than doubled to $189 million.

“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. Additionally, we grew capital, providing us with flexibility into the future,” said CEO Bill Demchak.

On April 4, 2019, the PNC Board declared a quarterly cash dividend of 95 cents per share effective with the May 5, 2019 dividend payment date. Two other banking giants JPMorgan (JPM) and Wells Fargo (WFC) have reported their quarterly results today. Citigroup (C) is expected to report its quarterly results on Monday.

The Pittsburgh-based banking firm’s stock had increased 10% since the beginning of the year and dropped 14% in the past 12 months. PNC shares closed Thursday’s trading up 1.12% at $128.72.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%

Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss

Key metrics from Nike’s (NKE) Q2 2025 earnings results

NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net

FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips

Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top