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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PNC Financial Services Group Inc | NYSE:PNC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.54 | 0.35% | 156.22 | 158.25 | 156.12 | 157.36 | 1,141,553 | 01:00:00 |
By Matt Grossman
PNC Financial Services Group Inc. Friday logged a larger fourth-quarter profit year-over-year as it recaptured some funds previously provisioned for credit losses, noting improving macroeconomic conditions.
The Pittsburgh-based regional bank recorded fourth-quarter net income attributable to the company of $1.44 billion, or $3.26 a share. In the year-ago quarter, net income was $1.37 billion, or $2.97 a share.
Analysts surveyed by FactSet were expecting earnings of $2.61 a share.
PNC's revenue in the quarter was $4.21 billion. Net interest income was $2.42 billion, while non-interest income was $1.78 billion. In last year's fourth quarter, revenue was $4.32 billion, with net interest income of $2.49 billion and non-interest income of $1.83 billion.
Analysts had forecast net interest income of $2.48 billion and non-interest income of $1.67 billion.
In the quarter, PNC recaptured $254 million it had previously provisioned for credit losses, citing improving macroeconomic conditions. In the third quarter, the bank had provisioned $52 million for credit losses. At the end of the latest quarter, the bank's allowance for credit losses was 2.46% of total loans, down from 2.58% at the end of the third quarter.
Average deposits in the fourth quarter increased sequentially by $8.9 billion, or 3%, to $359.4 billion, with growth in both consumer and commercial deposits.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
January 15, 2021 07:29 ET (12:29 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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