PNC reports billion dollar profit

Staff report

PITTSBURGH

PNC Bank reported a first-quarter profit of $1 billion, or $1.76 per share, Wednesday.

The news was in keeping with stellar growth among the nation’s largest banks in the first three months of the year.

PNC is the country’s 12th-largest bank by assets.

The nation’s top five banks reported $20.3 billion in profits during the first quarter, including JPMorgan Chase, which made $6.5 billion, and Wells Fargo, the country’s largest mortgage lender, which reported $5 billion.

Nearly all those banks, including PNC, exceeded analysts estimates. Bank of America came up short on forecasted revenue, and JPMorgan barely exceeded expectations by the same measure.

PNC’s net interest income rose by 4 percent to $2.39 billion, driven by a strong 10 percent gain in commercial lending and a 13 percent gain in average loans.

The bank increased its stock dividend 10 percent to 44 cents per share, effective in May.

The company reported a profit of $811 million, or $1.44 per share, during the first quarter of 2012.