Reuters logo
CORRECTED-UPDATE 1-PNC first-quarter profit beats estimates
April 17, 2013 / 11:30 AM / 5 years ago

CORRECTED-UPDATE 1-PNC first-quarter profit beats estimates

(Corrects paragraph 2 to show net interest income, not margin, rose 4 percent)

April 17 (Reuters) - PNC Financial Services Group Inc reported a higher-than-expected first-quarter profit, as the bank earned higher interest and fee income.

The lender’s net interest income rose 4 percent to $2.39 billion. Non-interest income rose 9 percent to $1.57 billion.

PNC, the 12th-largest U.S. bank by assets, said commercial lending rose 10 percent to $110.3 billion. Average loans grew by 13 percent to $186.1 billion.

Net income rose to $1.00 billion, or $1.76 per share, from $811 million, or $1.44 per share, a year earlier.

Analysts on an average expected earnings of $1.57 per share, according to Thomson Reuters I/B/E/S.

Provision for credit losses rose 28 percent to $236 million.

PNC raised its stock dividend 10 percent to 44 cents per share after it cleared the Federal Reserve’s annual stress test earlier this year.

The bank said in March that its minimum Tier 1 common capital ratio would be lower than the Federal Reserve’s projection in the first round of stress tests conducted by the Fed.

As of March 31, its Tier 1 capital ratio was 9.8 percent.

Shares of the bank closed at $64.79 on the New York Stock Exchange on Tuesday. (Reporting By Neha Dimri in Bangalore; Editing by Supriya Kurane)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below