Summary
PNC Financial Services Group, Inc. reported a strong first quarter for 2017, with net income increasing by 14% to $1.1 billion, or $1.96 per diluted common share, compared to the prior year quarter. This growth was driven by a 6% increase in total revenue, reaching $3.9 billion, supported by a 3% rise in net interest income and a 10% increase in noninterest income, primarily from fee income. The company's balance sheet remained robust, with total assets growing to $370.9 billion. Loans increased by 1% to $212.8 billion, with notable growth in commercial lending. Deposits also saw a 1% increase, reaching $260.7 billion. Credit quality remained stable, with a decrease in nonperforming assets by 7% and a reduction in net charge-offs. PNC continued to prioritize returning capital to shareholders, repurchasing $0.6 billion in common shares and paying $.3 billion in dividends during the quarter, supported by an increase in its share repurchase programs.
Financial Highlights
30 data points| Revenue | $3.88B |
| Interest Expense | $360.00M |
| Net Income | $1.07B |
| EPS (Basic) | $1.99 |
| EPS (Diluted) | $1.96 |
| Shares Outstanding (Basic) | 487.00M |
| Shares Outstanding (Diluted) | 492.00M |
Key Highlights
- 1Net income rose 14% year-over-year to $1.1 billion ($1.96 per diluted share).
- 2Total revenue increased 6% to $3.9 billion.
- 3Net interest income grew 3% to $2.2 billion, with net interest margin improving slightly to 2.77%.
- 4Noninterest income increased 10% to $1.7 billion, driven by higher fee income.
- 5Provision for credit losses decreased to $88 million from $152 million in the prior year quarter.
- 6Total assets grew to $370.9 billion, with loans increasing 1% to $212.8 billion.
- 7Nonperforming assets decreased 7% sequentially, and the company returned $0.9 billion to shareholders via repurchases and dividends.