{"id":10462,"date":"2023-04-14T11:26:42","date_gmt":"2023-04-14T11:26:42","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/pnc-financial-beats-profit\/"},"modified":"2023-04-14T11:30:03","modified_gmt":"2023-04-14T11:30:03","slug":"pnc-financial-beats-profit","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/pnc-financial-beats-profit\/","title":{"rendered":"PNC Financial beats profit estimates on boost from higher interest rates"},"content":{"rendered":"<p>(Reuters) &#8211;     PNC Financial Services Group reported an 18.5% rise in  first-quarter profit on Friday, as the Federal Reserve&#8217;s rate hikes fueled a surge in the U.S. regional lender&#8217;s net interest income (NII).<\/p>\n<p>Shares of PNC were up nearly 3% in premarket trading after upbeat results. They fell about 20% last quarter, which was marred by two of the biggest bank failures in U.S. history, after liquidity concerns at Silicon Valley Bank sparked a bank run.<\/p>\n<p>&#8220;During a quarter characterized by heightened market volatility, we grew deposits, increased our capital position and drove strong financial results,&#8221; PNC CEO William Demchak said in a company statement.<\/p>\n<p>PNC, among the top 10 largest U.S. banks by assets, reported a profit of $3.98 per share in the quarter that exceeded analysts&#8217; average estimate of $3.67.<\/p>\n<p>Deposits for the first quarter ended March rose marginally to $436.8 billion from $436.3 billion in the previous quarter as customers steered towards larger and relatively safer regional banks in the aftermath of the banking crisis.  <\/p>\n<p \/>\n<p>PNC Financial Services Deposits, https:\/\/www.reuters.com\/graphics\/PNC%20FINANCIAL%20SERVICES-DEPOSITS\/znpnbjqxepl\/chart.png<\/p>\n<p \/>\n<p>Investors are closely watching the performance of mid-sized lenders after the biggest meltdown in the industry since the 2008 global financial crisis.<\/p>\n<p>NII, a key metric that measures the difference between earnings on loans and deposit payouts, jumped about 28% to $3.6 billion from a year earlier.<\/p>\n<p>Net income rose to $1.69 billion from $1.43 billion a year earlier. <\/p>\n<p>PNC said it continues to evaluate and may adjust share repurchase activity, as actual amounts and timing are dependent on market and economic conditions as well as other factors.\u00a0<\/p>\n<p \/>\n<p> (Reporting by Siddarth S in Bengaluru; Editing by Shinjini Ganguli)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/pnc-financial-beats-profit\/file-photo-the-logo-above-a-pnc-bank-is-shown\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3D0DG-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3D0DG-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; PNC Financial Services Group reported an 18.5% rise in first-quarter profit on Friday, as the Federal Reserve&#8217;s rate hikes fueled a surge in the U.S. regional lender&#8217;s net interest income (NII). Shares of PNC were up nearly 3% in premarket trading after upbeat results. They fell about 20% last quarter, which was marred [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":10463,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-10462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3D0DG-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/10462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=10462"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/10462\/revisions"}],"predecessor-version":[{"id":10464,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/10462\/revisions\/10464"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/10463"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=10462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=10462"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=10462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}