By Denny Jacob
PNC Financial Services reported higher revenue in its latest quarter driven by a jump in fee income and net interest income.
The Pittsburgh bank logged net income of $1.63 billion, or $3.77 a share, compared to $1.51 billion, or $3.49 a share, a year earlier. Analysts polled by FactSet expected $3.33 a share.
Revenue rose to $5.57 billion from $5.43 billion. Analysts polled by FactSet expected $5.51 billion.
PNC attributed the revenue growth to higher net interest income and noninterest income. For the former, the company said the metric was driven by lower funding costs and the continued repricing of fixed rate assets.
Provisions for credit losses declined to $156 million from $243 million in the prior quarter, which PNC said reflected improved macroeconomic factors and portfolio activity.
Average deposits rose 0.8% to $425.3 billion in the quarter amid growth in interest-bearing commercial deposits.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 16, 2025 06:50 ET (11:50 GMT)
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