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

ISRG Earnings: Intuitive Surgical Q2 profit jumps on strong revenue growth

Medical device company Intuitive Surgical, Inc. (NASDAQ: ISRG) announced operating results for the second quarter of 2024, reporting higher revenues and adjusted profit. Second-quarter net profit, excluding one-off items, climbed

Infographic: Halliburton (HAL) reports strong earnings growth for Q2 2024

Energy giant Halliburton Company (NYSE: HAL) Friday announced financial results for the second quarter of 2024, reporting a double-digit increase in net profit. Second-quarter revenue edged up 1% annually to

AXP Earnings: Key quarterly highlights from American Express’ Q2 2024 financial results

American Express Company (NYSE: AXP) reported its second quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, were $16.3 billion, up 8% from a year ago, driven

Add Comment
Viewing Highlight