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PNC Financial reported better than expected first quarter earnings before the bell on Friday after Wells Fargo $WFC and JPMorgan $JPM. PNC beat on revenue with a growing loan book with improving interest rate margins.

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PNC Financial Services Group Inc NYSE: PNC · Reported Before Open Friday

$2.61 EPS as Expected and $4.28B beat $4.27 billion in revenue forecast

Earnings

The PNC Financial Services Group Inc. (PNC) reported Q1 earnings and revenue Friday The PNC Financial Services Group (NYSE: PNC) first quarter earnings that met the analysts’ estimates with revenue beating forecasts. 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.

Shares closed at $127.91 last Friday and have a 52-week trading range of $108.45 to $152.98.

PNC Financial Services Group Inc NYSE: PNC

Market Reaction Pre-market 128.90 +0.18 (0.14%)

Highlights

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.

  • Net interest income grew 5% year-over-year to $2.48 billion
  • Non-interest income increased 3%
  • Average loans and average deposits both increased 3% versus the year-ago quarter.
  • Provision for credit losses more than doubled to $189 million.
  • The lender’s expenses rose 2 percent to $2.58 billion.
  • PNC Financial loan portfolio grew about 5 percent to about $232 billio
  • Commercial lending accounting for nearly 68 percent of total loans.

PNC Q1 2019 earnings

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.

PNC Financial Services Group Inc Q4 Earnings Recap

$2.75EPS Missed $2.78 AND $4.34B Missed $4.39 billion in revenue forecast

Earnings 

The PNC Financial Services Group Inc. (PNC) reported Q4 earnings and revenue that missed analysts’ predictions. PNC reported earnings of $2.75 per share compared to $4.18 in the prior year. Revenue rose 2% to $4.34 billion. Analysts had expected quarterly earnings of $2.78 per share which represents a year-over-year gain of +21.4%.

Revenues were expected to be $4.39 billion, up 3% from the year-ago quarter.  Analysts are looking for near-term efficiency targets with  an articulated commitment to flattish expenses. 

PNC Financial Services Group Inc NYSE: PNC

Market Reaction Pre-market $120.16 −0.96 (-0.79%)

Highlights

  • Net interest income grew 6% year-over-year
  • Non-interest income decreased 3% in the recently ended quarter.
  • Average loans and average deposits both increased 2% versus the year-ago quarter.
  • As of Q4 end, provision for credit losses rose 18% compared to the end of the prior-year quarter.
  • On January 3, 2019, the PNC Board declared a quarterly cash dividend of 95 cents per share effective with the February 5, 2019 dividend payment date.

PNC Q4 2018 earnings

Source: PNC Earnings Release 

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