PNC Financial (PNC) - Get PNC Financial Services Group, Inc. Report announced Friday first-quarter earnings that matched analysts' forecasts as higher revenue from loans and yields on securities offset higher funding costs.
The Pittsburgh-based banking and financial services company said it earned $1.27 billion, or $2.61 a share, in its most recent quarter, vs. $1.23 billion, or $2.42 a share, in the comparable year-earlier period. The results matched the per-share estimates of analysts surveyed by FactSet.
Revenue was $4.3 billion compared with $4.1 billion in the year-earlier quarter.
Higher loan and securities yields and loan balances helped offset higher funding costs and balances, as well as the impact of two fewer days in the first quarter, leaving net interest income at $2.5 billion for the quarter, the company said.
Income from retail banking rose to $264 million from $249 million, while income generated from corporate and institutional banking slipped to $552 million from $563 million.
Asset management income dropped to $45 million from $62 million a year earlier, though other income including earnings from PNC's equity investment in BlackRock (BLK) - Get BlackRock, Inc. Report rose to $410 million from $365 million in the first quarter of 2018.
Total fee income dropped to $1.5 billion "due to seasonally lower revenue," PNC said.
Shares of PNC were up 1.6% in early trading on the New York Stock Exchange, rising $2.09 to $130.77. They ended the day Thursday up more than 1%, or $1.43, at $128.72.