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FILE PHOTO: The logo over a PNC bank appears in Charlotte, NC on April 18, 2012. REUTERS / Chris Keane / Photo File
(Reuters) – PNC Financial Services Group's first-quarter earnings were in line with badysts' estimates Friday as higher spending and provision for credit losses overshadowed growth in interest income and borrowing.
The lender's expenses increased by 2% to $ 2.58 billion, while the allowance for loan losses more than doubled to $ 189 million from the previous year.
Net interest income increased by approximately 5% to $ 2.48 billion due to higher interest rates.
PNC Financial, one of the largest US lenders in terms of badets, said its loan portfolio grew about 5 percent to about $ 232 billion, with commercial loans accounting for nearly 68 percent of total loans. .
Net income attributable to shareholders of PNC, based in Pittsburgh, Pennsylvania, increased 2.7% to $ 1.20 billion in the first quarter ended March 31st. Earnings per share were $ 2.61, which is in line with badysts' expectations, according to Refinitiv's IBES data. [reut.rs/2ZaNZvF]
The bank's total revenues increased by 4.3% to $ 4.29 billion.
Bharath Manjesh report in Bengaluru; Edited by Maju Samuel
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