The
lender's expenses rose 2 percent to $2.58 billion, while
provision for loan losses more than doubled to $189 million from
a year ago.
Net interest income rose about 5 percent to $2.48 billion,
helped by higher interest rates.
PNC Financial, one of the largest U.S. lenders by assets, said
its loan portfolio grew about 5 percent to about $232 billion,
with commercial lending accounting for nearly 68 percent of
total loans.
Pittsburgh, Pennsylvania-based PNC's net income attributable to
shareholders rose 2.7 percent to $1.20 billion in the first
quarter ended March 31. Earnings per share came in at $2.61, in
line with analysts' expectations, according to IBES data from
Refinitiv. [https://reut.rs/2ZaNZvF]
The bank's total revenue rose 4.3 percent to $4.29 billion.
(Reporting by Bharath Manjesh in Bengaluru; Editing by Maju
Samuel)
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