PNC Financial Q1 Profit Tops Estimates

reported better-than-expected results for its first quarter on Wednesday. The Pittsburgh, Pennsylvania-based company posted quarterly net income of $1.0 billion, or $1.75 per share, compared to $1.1 billion, or $1.82 per share, in the year-ago quarter. Its revenue slipped $46 million from the year-ago quarter to $3.73 billion. However, analysts were expecting a profit of $1.72 per share on revenue of $3.75 billion. Net interest income dropped $123 million versus the year-ago period to $2.1 billion for the first quarter. The net interest margin declined to 2.82 percent for the first quarter from 3.26 percent in the year-ago quarter. Average total loans gained 4 percent in the quarter. "PNC delivered solid results in the first quarter, continuing the consistent performance that has been characteristic of our strategic execution," said William S. Demchak, chairman, president and chief executive officer. "We grew average loans and deposits, controlled expenses and benefited from modestly improved credit quality this quarter." The average estimate among 24 Estimize users was for earnings of $1.77 per share and revenue of $3.81 billion. PNC shares rose 0.32 percent to close at $93.62 yesterday.