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PNC Financial Services Sees Q1 Profits Decline 28%

TheMotleyFool

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PNC Financial Services Sees Q1 Profits Decline 28%Photo, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

PNC Financial Services (NYSE: PNC), the holding company of the $412 billion asset PNC Bank, reported a 28% drop in first-quarter profits as the bank sets aside more cash for future loan losses during the coronavirus pandemic.

Net income in the first quarter of 2020 was $915 million, or $1.95 per share.

The bank recorded a $914 million credit provision, which is the cash banks set aside to cover potential loan losses. That was nearly five times the $189 million credit provision the bank took in the first quarter of 2019.

Source Fool.com

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