REUTERS: PNC Financial Services Group Inc'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 percent to US$2.58 billion, while provision for loan losses more than doubled to US$189 million from a year ago.Net interest income rose about 5 percent to US$2.48 billion, helped by higher interest rates. PNC Financial, one of the largest U.S. lenders by assets, said its loan portfolio grew about 5 percent to about US$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 percent to US$1.20 billion in the first quarter ended March 31. Earnings per share came in at US$2.61, in line with analysts' expectations, according to IBES data from Refinitiv.
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