The PNC Financial Services Group (PNC) has posted a net income of $943m for the first quarter of 2016, down 6% compared to $1bn in the year-ago quarter.
The bank’s total revenue decreased 1.7% to $3.66bn from $3.73bn in the first quarter of 2015.
Go deeper with GlobalData
Net interest income stood at $2.09bn, a rise of 1.2% from $2.07bn in the prior year. Noninterest income dropped 5.5% year-on-year to $1.56bn from $1.66bn.
The Retail Banking division of the company registered a net income of $268m for the first quarter, a surge of 32.6% from $202m in the corresponding quarter of 2015.
The unit’s net interest income increased 7.2% to $1.11bn from $1.04bn a year earlier, while noninterest income increased 10% to $537m from $488m a year ago.
The division’s provision for credit losses jumped 57.1% year-on-year to $77m from $49m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPNC chairman, president and CEO William Demchak said: "PNC had solid first quarter earnings that were impacted by weaker equity markets and related fees, and continued deterioration in energy related credits.
"We lowered expenses, maintained a strong balance sheet and continued to return capital to shareholders. We also saw good underlying trends in our businesses to start the year, and we expect that momentum to continue in 2016."
