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PNC Financial finishes 2016 with a flourish

Friday, January 13, 2017 6:41
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Fourth quarter earnings from Pennsylvania-based PNC Financial Services Group Inc (NYSE:PNC) topped market expectations.

Earnings per share of US$1.97 beat the consensus estimate on the Street of US1.86.

Net income improved to US$973mln from US$957mln the year before on revenue that edged up to US$3.87bn from US$3.85bn.

The provision for credit losses narrowed to US$67mln from US$87mln a year earlier, as overall credit quality remained stable.

Average loans grew US$2.0 billion, or 1%, in the fourth quarter over the third quarter.

“PNC delivered a solid year in 2016. Although the financial results finished slightly below 2015, this was due in part to our disciplined risk management efforts throughout the year to position PNC well in the current credit and interest rate cycle,” said William Demchak, chairman, president and chief executive officer.

“At the same time in 2016, we grew net interest and fee income, and kept expenses essentially flat. We also returned capital to shareholders, grew our customer franchise and continued to invest in our strategic priorities, particularly core technology infrastructure that will be critical to our future success. As we look ahead, I’m confident the actions we took position us for further growth and long-term value,” Demchak said.

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