By Ben Glickman PNC Financial Services Group s profit fell in the fourth quarter on lower revenue. The Pittsburgh-based bank posted a profit of $883 million, or $1.85 a share, in the.
Both loan demand and credit availability have contracted sharply, according to senior executives at several of the nation's largest banks. Their comments came against the specter of a potential recession.
Provided by Dow Jones By Dave Sebastian PNC Financial Services Group Inc. said its profit for the fiscal first quarter rose on provision recapture driven by improved macroeconomic expectations. The Pittsburgh-based regional bank on Friday posted net income attributable to the company of $1.82 billion, compared with $908 million in the prior year. Earnings were $4.10 a share, compared with $1.95 a share in the same period last year. Analysts polled by FactSet were expecting earnings of $2.72 a share. Provision for credit losses was negative $551 million, compared with positive $914 million in the year-ago period. We recorded a substantial provision recapture, saw improvement in our credit metrics and capital and liquidity are at record levels, Chief Executive Bill Demchak said. We see significant growth opportunities as the economy recovers and rates improve.
The banking holding company s net income jumps to £1.32 billion in Q1.
PNC Financial shares were about 1.5% up in premarket trading on Friday.
PNC Financial Services Group Inc. (NYSE: PNC) said on Friday that it topped analysts’ estimates for earnings and revenue in the fiscal first quarter.
PNC Financial shares were reported about 1.5% up in premarket trading on Friday and gained another 1% on market open. Including the price action, the stock is now exchanging hands at £129.69 per share. The price action should come in handy if you’re interested in investing in the stock market.
PNC Financial’s Q1 results versus analysts’ estimates