PNC's 1Q Profit Rises on Higher Fee Revenue, Interest Income

Published: 2025-04-15 07:19:24 ET PNC

By Dean Seal

PNC Financial Services Group recorded higher earnings in the first quarter as net interest income and noninterest income both jumped.

The bank and financial services company posted a profit of $1.50 billion, or $3.51 a share, compared with $1.24 billion, or $3.10 a share, in the same quarter a year earlier. Analysts polled by FactSet had been forecasting earnings of $3.38 a share.

Revenue rose 6% to $5.45 billion, just below analyst projections for $5.48 billion, according to FactSet.

Net interest income was 6% higher at $3.48 billion thanks to benefits from lower funding costs and repricing of fixed asset rates.

Noninterest income meanwhile was up 5% from a year ago at $1.98 billion, with gains across all of the company's fee categories except for residential mortgage revenue.

PNC said delinquencies for the first three months of the year were up 12% at $1.43 billion, primarily from forbearance activity in its consumer loan division associated with wildfires that burned in California. Higher commercial delinquencies boosted the figure as well.

Write to Dean Seal at [email protected]

(END) Dow Jones Newswires

04-15-25 0718ET