PNC Financial's first-quarter profit meets estimates

PNC Financial's first-quarter profit met analysts' estimates on Friday, as a rise in expenses and provision for credit losses overshadowed growth in interest income and loans.

The lender's expenses rose 2% to $2.58 billion, while provision for loan losses more than doubled to $189 million from a year ago.PNC Financial, one of the largest U.S. lenders by assets, said its loan portfolio grew about 5% to about $232 billion, with commercial lending accounting for nearly 68 percent of total loans.

Pittsburgh, Pennsylvania-based PNC's net income attributable to shareholders rose 2.7% to $1.20 billion in the first quarter ended March 31. Earnings per share came in at $2.61, in line with analysts' expectations, according to IBES data from Refinitiv.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

American savers lost an estimated $500 billion due to low interest rates since the financial crisisThere's been one long-lasting impact from the crisis is suppressed interest rates. The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.) why not bring that part up ? You guys cried so hard about the trump taxes, you were wrong again 😆 No one saves money in savings accounts lol They havnt lost anything, Interest rates always fluctuate, it's called risk
Source: CNBC - 🏆 12. / 72 Read more »