The PNC Financial Services Group Inc. reported first quarter net income of $1 billion, or $1.75 per share, down from $1.1 billion, or $1.82 per share, in the first quarter of 2014.
Revenue was $3.7 billion, down from $3.8 billion a year ago, driven mostly by a 6 percent decrease in net interest income, year-over-year. The company attributed the net interest income decrease to lower loan yields, an increased liquidity position for the company and a change in classification of noninterest income of certain commercial facility fees.
The company had total assets of $351 billion at the end of the first quarter, up from $323.4 billion at the end of 2014’s first quarter.
“PNC delivered solid results in the first quarter, continuing the consistent performance that has been characteristic of our strategic execution,” said William Demchak, chairman, president and chief executive officer. “We grew average loans and deposits, controlled expenses and benefited from modestly improved credit quality this quarter. We completed our existing share repurchase program and announced new actions to return more capital to shareholders. Looking ahead, we like how we are positioned to help our customers achieve their financial goals and to perform for our shareholders.”
Pittsburgh-based PNC Financial Services Group is the parent of PNC Bank, which has a significant presence in the Milwaukee market.
