The PNC Financial Services Group Inc., the Pittsburgh-based parent company of PNC Bank, reported first quarter net income of $1.0 billion, or $1.76 per share, compared with $811 million, or $1.44 per share, in the same period a year ago.
“PNC’s diversified businesses delivered solid revenue despite weaker lending in the first quarter and combined with significantly reduced expenses drove improved returns for our shareholders,” said James Rohr, chairman and chief executive officer of PNC. “We are making important progress on all of our strategic priorities as we continue to focus on growing deposits, loans and revenue. Our strong capital position should enable us to continue to invest to meet our clients’ needs even as we remain committed to disciplined expense management over the course of the year.”
The company, which has a presence in the Milwaukee market, said its quarterly earnings growth resulted from continued customer growth and a significant increase in pretax pre-provision earnings driven by solid revenue and a substantial reduction in expenses from fourth quarter.