PITTSBURGH, April 16, 2021 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:
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For the quarter |
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In millions, except per share data and as noted |
1Q21 |
4Q20 |
1Q20 |
First Quarter Highlights |
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Financial Results |
▪ 5% linked quarter positive operating leverage, driven by modest revenue growth and lower expenses ▪ Significant provision recapture reflecting improved macroeconomic expectations ▪ NIM contracted 5 basis points linked quarter, reflecting the impact of higher balances held at the Federal Reserve ▪ Average loans declined 3% linked quarter primarily due to lower utilization and originations
– Loan to deposit ratio of 63% ▪ Record capital and liquidity ▪ Improving credit performance; net charge-offs to average loans of 0.25% ▪ BBVA USA acquisition planning on track. Continue to expect a mid-2021 close |
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Revenue |
$ |
4,220 |
$ |
4,208 |
$ |
4,336 |
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Noninterest expense |
2,574 |
2,708 |
2,543 |
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Pretax, pre-provision earnings (non-GAAP) |
1,646 |
1,500 |
1,793 |
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Provision for (recapture of) credit losses |
(551) |
(254) |
914 |
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Net income from continuing operations |
1,826 |
1,456 |
759 |
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Per Common Share |
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Diluted EPS from continuing operations |
$ |
4.10 |
$ |
3.26 |
$ |
1.59 |
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Book value |
118.47 |
119.11 |
106.70 |
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