PNC Bank reports increase in 1Q 2017 earnings

Staff report

YOUNGSTOWN

PNC Bank reported net income of $1.074 billion for the first quarter of 2017, up from $943 million reported in the first quarter of 2016.

“PNC had a good start to the year,” said William S. Demchak, chairman, president and chief executive officer, in a statement. “We grew loans and revenue, and we managed expenses well while continuing to invest in our businesses and to enhance innovation.”

Net income in the fourth quarter of 2106 was $1.047 billion.

Total revenue for the first quarter of 2017 grew $10 million compared with the fourth quarter and $219 million compared with the first quarter of 2016

First quarter 2017 period end and average loans increased $5.3 billion and $5.1 billion, respectively, compared with first quarter 2016 as a result of higher commercial, commercial real estate, auto and residential mortgage loans partially offset by a decrease in discontinued consumer loan portfolios including brokered home equity and government guaranteed education loans.

Period end and average first quarter 2017 deposits increased $10.3 billion and $8.8 billion, respectively, compared with first quarter 2016 from overall strong deposit growth.

Retail banking earnings for the first quarter of 2017 decreased from the fourth quarter and year over year.

Corporate and institutional banking earnings for the first quarter of 2017 decreased compared with the fourth quarter and increased compared with the first quarter of 2016.