PNC Financial lower 1.3% after Q1 result

|About: PNC Financial Services G... (PNC)|By:, SA News Editor

Q1 net income of $1.2B or $2.43/share vs. 2.1B or $4.18/share in 4Q17. The prior quarter net income incl. a net benefit of $0.9B from federal tax legislation and significant items.

Total revenue declined 3% Y/Y to $4.1B, reflecting 9% decrease in non-interest income to $1.8B and net interest income increased 1% to $2.4B.

Provision for credit losses declined $33M to $92M, reflecting stable credit quality.

Basel III common equity Tier 1 capital ratio estimated at 9.6% at March 31, 2018.

Common shares repurchased for $0.7B and dividends $0.4B in 1Q18.

AUM at the end of March 31, 2018 is $277M vs. $282M in 4Q17 and $264M in 1Q17.

Previously: PNC Financial EPS in-line, misses on revenue

Conference Call at 9:30 ET

PNC -1.3% premarket

 

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