By Adriano Marchese


PNC Financial Services Group's profit and revenue fell in the first quarter, while nonperforming loans rose in the period.

On Tuesday, the Pittsburg, Pennsylvania-based bank holding company and financial services company posted a lower net income of $1.34 billion, or $3.10 a share, compared with $1.69 billion, or $3.98 a share, in the same quarter a year ago.

Adjusted earnings were $3.36 a share. According to FactSet, analysts were expecting $3.01 a share.

Revenue fell to $5.15 billion from $5.36 billion. Analysts were expecting a decline to $5.19 billion.

In the period, PNC said delinquencies fell by about 8% to $1.28 billion, while higher commercial real estate nonperforming loans weighed on its total nonperforming loans, which rose 9% to $2.38 billion.

The allowance for credit losses was $5.37 billion versus $5.41 billion a year ago.

Chairman and Chief Executive Bill Demchak said the quarter was marked by a growth in its customer-base, reduced expenses, increased deposits, improved liquidity and capital positions.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

04-16-24 0726ET