By Will Feuer
PNC Financial Services Group Inc. posted higher profit for the fourth quarter as rising interest rates helped boost results.
The Pittsburgh-based bank said net income attributable to common shareholders rose to $1.4 billion, compared with $1.21 billion in the same period a year earlier.
Earnings were $3.47 a share, compared with $2.86 a share. Analysts surveyed by FactSet were expecting earnings of $3.95 a share.
Revenue rose 12% to $5.76 billion from $5.13 billion for the prior-year period. Analysts surveyed by FactSet had been forecasting revenue of $5.71 billion.
Net interest income surged 29% to $3.68 billion, driven by higher yields on interest-earning assets and growth in balances.
Noninterest income fell 8% to $2.08 billion, as year-over-year declines in asset management, deal activity and mortgage demand weighed on the business.
Provision for credit losses in the quarter was $408 million, up from $241 million in the third quarter. In the year-ago period, the company booked a benefit of $327 million from its provision for credit losses. The increase reflects concerns the bank could have about the strength of the economy.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
01-18-23 0710ET