Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

PNC Posts Higher Q1 Profits on Loans, Higher Interest Rates

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

PNC Posts Higher Q1 Profits on Loans, Higher Interest Rates

Article excerpt

PNC Financial Services Group reported that profits for the first quarter jumped 13 percent on higher revenue, aided by more loans and rising interest rates.

Net income attributable to common shareholders was $973 million, up from $859 million in the same quarter last year. Per-share earnings increased 17 percent to $1.96 from $1.68, beating analysts' average estimate of $1.83.

Revenue rose 6 percent to $3.88 billion, up from $3.67 billion.

"PNC had a good start to the year," CEO William Demchak said in a statement Thursday.

Pittsburgh's biggest bank is benefiting from recent increases in the Federal Reserve's benchmark interest rate. The Fed raised the federal funds rate a quarter point in December and again in March - to a target range of 0.75 percent to 1 percent - after determining that the U. …

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