PNC Financial Services Group (NYSE:PNC) reported first-quarter earnings that exceeded expectations, though revenue fell short as the bank continued integrating its FirstBank acquisition.
The company posted adjusted earnings per share of $4.32, excluding $98 million in pre-tax integration-related expenses. On a GAAP basis, diluted EPS was $4.13, beating the consensus estimate of $3.91 by $0.22.
Revenue came in at $6.17 billion, below the $6.24 billion estimate but up 13% year over year from $5.45 billion.
Net interest income rose 14% to $3.96 billion, supported by contributions from the FirstBank acquisition, lower funding costs, and growth in commercial lending.
The net interest margin expanded to 2.95%, up 17 basis points from 2.78% in the prior-year quarter. Average loans increased 11% to $350.9 billion, while average deposits grew 9% to $458.4 billion.
