PNC Reports Q1 Net Income of $1.4 Billion
PITTSBURGH – PNC Financial Services Group Inc. today reported that it grew loans and maintained strong credit quality in the first quarter as net income reached $1.4 billion.
Revenue decreased 8% in the quarter primarily driven by lower noninterest income reflecting lower capital markets and lower business activity. Expenses decreased– and 7% excluding integration expenses – reflecting lower personnel costs, PNC said.
Average loans increased 1%, driven by commercial loan growth, partially offset by $2.2 billion of PPP loan forgiveness.
Book value and tangible book value decreased 12% and 15%, respectively, due to a decrease in accumulated other comprehensive income, PNC said.
Net loan charge-offs were $137 million or 0.19% of annualized average loans, the company reported.
“In the first quarter, PNC grew loans, deployed liquidity through securities purchases, controlled expenses and maintained strong credit quality,” said Bill Demchak, PNC Chairman, President and Chief Executive Officer. In addition to normal seasonality fee income was adversely impacted by a general slowdown in ciaital markets activity; nevertheless our financial results were solid. Based on this performance, our strong capital levels and the board’s confidence in PNC’s execution of its strategic priorities, we increased the quarterly common stock dividend by 20% in April.
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Published by The Business Journal, Youngstown, Ohio.