PNC Financial’s first-quarter profit met analysts’ estimates on Friday, as a rise in expenses and provision for credit losses overshadowed growth in interest income and loans.
The lender’s expenses rose 2% to $2.58 billion, while provision for loan losses more than doubled to $189 million from a year ago.
Net interest income rose about 5% to $2.48 billion, helped by higher interest rates.
PNC Financial, one of the largest U.S. lenders by assets, said its loan portfolio grew about 5% to about $232 billion, with commercial lending accounting for nearly 68 percent of total loans.
Pittsburgh, Pennsylvania-based PNC’s net income attributable to shareholders rose 2.7% to $1.20 billion in the first quarter ended March 31. Earnings per share came in at $2.61, in line with analysts’ expectations, according to IBES data from Refinitiv.
The bank’s total revenue rose 4.3 percent to $4.29 billion.