PNC insights for prospecting on B2Brain

PNC– Latest Insights and Updates

Get the most relevant insights and updates from PNC's recent Investment, Fund Raises & Finance
PNC insights for prospecting on B2Brain

PNC is prospected by companies that are selling Financial services, OpenSource, Manufacturing, Disturbution solutions. Here are a few quick insights about PNC that you might find valuable in your outreach.

PNC Reports First Quarter 2020 Net Income of $915 Million, $1.95 Diluted EPS

(source: https://www.prnewswire.com/news-releases/pnc-reports-first-quarter-2020-net-income-of-915-million-1-95-diluted-eps-301040911.html)

Intel type: Investment, Fund Raises & Finance

Date: 15 April 2023

First quarter 2020 compared with fourth quarter 2019

Net income was $915 million, a decrease of $466 million driven by a higher provision for credit losses.

Total revenue of $4.5 billion declined $92 million, or 2 percent.

Net interest income of $2.5 billion increased $23 million, or 1 percent, primarily due to lower rates on deposits and borrowings and higher loan and securities balances partially offset by lower loan and other earning asset yields and one less day in the first quarter.

Net interest margin increased 6 basis points to 2.84 percent.

Fee income of $1.7 billion was stable as higher residential mortgage revenue and corporate service fees were offset by lower asset management revenue, service charges on deposits and consumer service fees.

Other noninterest income of $343 million declined $113 million primarily due to negative valuation adjustments of private equity investments and a fourth quarter gain on the sale of proprietary mutual funds partially offset by higher net securities gains in the first quarter.

Noninterest expense of $2.5 billion decreased $219 million, or 8 percent, primarily due to lower incentive compensation and benefits expense, the impact of fourth quarter equipment write-offs and lower marketing expense.

The efficiency ratio improved to 56 percent for the first quarter from 60 percent in the fourth quarter.

Provision for credit losses of $914 million, which was calculated under the Current Expected Credit Loss (CECL) accounting standard effective January 1, 2020, increased $693 million primarily due to the significant economic impact of COVID-19 and loan growth.

Provision was $506 million for the commercial portfolio and $399 million for the consumer portfolio.

This insight is useful for your prospecting if your business deals with: Performance testing, Customer experience, Workshops, Distribution and Financial services

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