PNC Financial Services Group Inc. (NYSE: PNC) said on Friday that it topped analysts’ estimates for earnings and revenue in the fiscal first quarter.
PNC Financial shares were reported about 1.5% up in premarket trading on Friday and gained another 1% on market open. Including the price action, the stock is now exchanging hands at £129.69 per share. The price action should come in handy if you’re interested in investing in the stock market.
PNC Financial’s Q1 results versus analysts’ estimates
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PNC Financial reported £1.32 billion of net income in the first quarter that translates to £2.97 per share. In comparison, its net income was capped at a lower £662.26 million in Q1 of last year or £1.15 per share.
The bank holding company valued its total revenue in the recent quarter at £3.04 billion that represents a 3% annualised decline. According to Zacks, analysts had forecast the company to post £2.99 billion of revenue in Q1. Their estimate for per-share earnings stood at a lower £1.99.
Other notable figures in PNC Financial’s earnings report on Friday include a 6% year over year decline in net interest income but a 3% annualised growth in non-interest income. In the prior quarter (Q4), the financial services company had recorded £3.10 billion of revenue.
The Pittsburgh-headquartered firm saw a significant increase in its net income from retail banking and corporate and institutional banking in the first quarter. Asset Management Group, as per PNC Financial, posted an 83% growth in Q1, while the ‘Other’ segment tanked by 59%.
In separate news from the United States, Raymond James upgraded Comcast to ‘outperform’ on Friday.
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Chief Executive Bill Demchak’s comments on Friday
CEO Bill Demchak commented on the financial update on Friday and said:
“PNC had a solid start to 2021. We grew revenue, managed expenses and achieved positive operating leverage. We recorded a substantial provision recapture, saw improvement in our credit metrics, and capital and liquidity are at record levels. Considerable progress was made in planning for our pending BBVA USA acquisition, and we launched Low Cash Mode℠. Looking ahead, we see significant growth opportunities as the economy recovers, and rates improve.”
PNC Financial performed slightly downbeat in the stock market last year with an annual decline of close to 7%. At the time of writing, it is valued at £54.87 billion and has a price to earnings ratio of 28.10.