PNC Reports First-Quarter Income of $915M
PITTSBURGH – PNC Financial Services Group Inc. reports first-quarter net income of $915 million, a 36.6% decrease from the same quarter a year ago, as the economic impact of the coronavirus arrived.
Net revenue was down 2% to $4.571 billion.
“Our results for the first quarter were good, but with the extraordinary changes in the economic backdrop occurring in March and the implications of the broad-based response to the COVID-19 outbreak had a material impact on our provisions for credit losses,” said PNC President and CEO Bill Demchak in the quarterly earnings report. “With our strong capital and liquidity and leading technology, we will continue to serve our stakeholder while navigating the current challenges.
“In these unprecedented times that were are collectively experiencing, PNC remains squarely focused on meeting the needs of our customers and addressing the specific challenges of those facing hardship due to the coronavirus pandemic,” he continued. “We are continuing our legacy of supporting the communities we serve, committing $30 million to relief programs, while implementing broad measures to keep our employees safe, with minimal disruption to our customers. PNC also is supporting the broader financial system at a critical time and fulfilling an important role, along with other banks, by serving as facilitator of government stimulus programs.”
Key performance indicators for the quarters ended March 30, Dec. 31 and March 20, 2019 include:
- Return on average assets: 0.89%, 1.33%, 1.34%.
- Return on average equity: 7.51%, 11.54%, 11.13%.
- Net interest margin: 2.84%, 2.78%, 2.98%.
- Efficiency: 56%, 60%, 60%.
Net interest income was $2.511 billion in the first quarter of 2020, up from $2.475 billion in the same quarter a year ago.
Noninterest income was $2.006 billion, up from $1.811 billion last year.
Deposits totaled $305.2 billion, up from $271.2 billion in the first quarter of 2019.
Loans totaled $264.6 billion, up from $232.3 billion a year ago.
Copyright 2020 The Business Journal, Youngstown, Ohio.