PNC Tops Estimates for Net Interest Income, Loan-Loss Provisions

PNC Financial Services Group Inc. beat expectations for first-quarter net interest income, its largest revenue stream, as expenses and the provision for credit losses came in better than analysts expected.

NII rose 6.5% to $3.48 billion, according to a statement Tuesday. The figure, which represents what the bank earns from making loans after subtracting funding costs, was higher than analysts’ projection of $3.44 billion.

“Expenses remained well-controlled, resulting in another quarter of strong results,” Chief Executive Officer Bill Demchak said in the statement. “Regardless of market developments, our balance sheet is well-positioned and we continue to expect record net interest ...