PNC Beats the Street on Higher Revenue, Expense Reductions
PNC Financial Services reported net income of $1 billion, or $1.76 per diluted common share, for the first quarter of 2013 compared with net income of $811 million or $1.44 per diluted common share, for the first quarter of 2012. Analysts polled by Thomson Financial had expected EPS of $1.57.
PNC said strong first quarter earnings resulted from continued customer growth and a significant increase in pretax pre-provision earnings driven by solid revenue and a substantial reduction in expenses from fourth quarter. Total revenue for the quarter was $3,955 million up from $3,732 million in the same year-ago period.
The bank noted total commercial lending increased $1.4 billion, or 1%, over fourth quarter 2012 as a result of specialty lending businesses including public finance, asset-based lending and real estate.
“PNC’s diversified businesses delivered solid revenue despite weaker lending in the first quarter and combined with significantly reduced expenses drove improved returns for our shareholders,” said James E. Rohr, chairman and chief executive officer. “We are making important progress on all of our strategic priorities as we continue to focus on growing deposits, loans and revenue.”
To read the entire PNC Financial news release, click here.