PNC Financial (NYSE:PNC) Q1 earnings beat the average Wall Street estimate, helped by loan growth and controlled expenses. Revenue, though, missed as less capital markets activity hurt fee income.
“In the first quarter, PNC (PNC) grew loans, deployed liquidity through securities purchases, controlled expenses and maintained strong credit quality, said Chairman, President and CEO Bill Demchak. “In addition to normal seasonality, fee income was adversely impacted by a general slowdown in capital markets activity; nevertheless, our financial results were solid.”
Q4 adjusted EPS of $3.29 vs. consensus estimate of $2.78; vs. $3.68 in Q4 2021 and $4.11 in Q1 2021.
Pretax preprovision earnings of $1.52B increased from $1.34B in the previous quarter and declined from $1.65B in the year-ago quarter.
Q1 revenue of $4.69B missed the $4.72B consensus. It fell from $5.13B in Q4 but increased from $4.22B in the year-ago quarter.
Return on average common equity of 11.64% vs. 9.61% in Q4 and 14.31% in the year-ago quarter.
Tangible book value of $79.68 per share at March 31, 2022 dropped from $94.11 per share at Dec. 31, 2021.
Average loans of $290.7B vs. $288.9B in Q4; average deposits of $453.3B vs. $452.8B in Q4.
Q1 noninterest expense of $3.17B dropped from $3.79B in Q4 but increased from $2.57B in Q1 2021.
PNC (PNC) posted $208M recapture of credit losses vs. $327M in Q4 2021 and $551M in Q1 2021.
PNC (PNC) stock is edging up 0.2% in premarket trading.
Conference call at 11:00 AM ET.
Earlier, PNC Financial (PNC) non-GAAP EPS of $3.29 beats by $0.51, revenue of $4.69B misses by $30M
Source: seekingalpha.com
