Daily News: April 16, 2015

PNC Beats Estimates, Net Interest Margin Drops to 2.82%

PNC Financial Services reported net income of $1.0 billion, or $1.75 per diluted common share, for the first quarter of 2015 compared with net income of $1.1 billion for the first quarter of 2014. Analysts polled
By Thomson Financial had expected EPS of $1.72.

Highlights from PNC’s news release included:

  • Total Q1/15 revenue of $3.73 billion was down from $3.78 billion for
    the same quarter in 2014.
  • The net interest margin of 2.82% in Q1/15 was down from 3.26% in Q1/14.
  • Net charge-offs in Q1/15 of $103 million were down 45% from $186
    million in Q1/14.
  • Provision charges in Q1/15 of $54 million, were down 43% from $94
    million a year earlier reflecting overall credit quality improvement.
  • Net interest income of $855 million in Q1/15 was down from $934 million in Q1/14.
  • “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.”

    To read the entire PNC Financial news release, click here.