PNC Financial’s Q1 earnings beat, helped by loan growth; shortfall (NYSE:PNC)

PNC Financial (New York Stock Exchange: PNC) First-quarter earnings beat Wall Street’s average estimate, helped by loan growth and spending control. Revenues, however, fell short as less Capital markets activity negatively impacted fee income.

“In the first quarter, PNC (PNC) increased lending, deployed liquidity through equity purchases, controlled spending and maintained excellent credit quality,” said Chairman and Chief Executive Officer Bill Demchak. general slowdown in capital market activity; nevertheless, our financial results have been strong.”

Fourth quarter adjusted EPS of $3.29 versus consensus estimate of $2.78; compared to $3.68 in Q4 2021 and $4.11 in Q1 2021.

Pretax income before provision of $1.52 billion increased from $1.34 billion in the prior quarter and decreased from $1.65 billion in the prior year quarter.

First-quarter revenue of $4.69 billion beat consensus of $4.72 billion. It fell from $5.13 billion in the fourth quarter, but rose from $4.22 billion in the year-ago quarter.

Average common stock yield of 11.64% compared to 9.61% in the fourth quarter and 14.31% in the prior year quarter.

The tangible book value of $79.68 per share as of March 31, 2022 fell from $94.11 per share as of December 31, 2021.

Average loans of $290.7B vs. $288.9B in Q4; average deposits of $453.3B vs. $452.8B in Q4.

First-quarter non-interest expense of $3.17 billion fell from $3.79 billion in the fourth quarter, but rose from $2.57 billion in the first quarter of 2021.

PNC (PNC) recorded a recovery of credit losses of $208m compared to $327m in Q4 2021 and $551m in Q1 2021.

PNC (PNC) stock is on the edge up 0.2% in pre-market commerce.

Conference call at 11:00 a.m. ET.

Earlier, PNC Financial (PNC) non-GAAP EPS $3.29 beats $0.51, revenue $4.69 billion misses $30 million