(Reuters) - U.S. bank PNC Financial (NYSE:PNC) reported a rise in first-quarter profit on Tuesday, helped by a boost in interest income.
The strong results are in line with those of major U.S. banks such as JPMorgan Chase (NYSE:JPM), Bank of America and Wells Fargo, all of which also posted increased quarterly profits.
However, investors are cautious about U.S. President Donald Trump’s trade policies, which could spur inflation and push the economy into recession.
Pittsburgh, Pennsylvania-based PNC’s net interest income (NII) - the difference between what a bank earns as interest on loans and pays out on deposits - jumped to $3.48 billion in the first quarter, compared with $3.26 billion a year earlier, benefiting from continued repricing of fixed-rate assets.
"We continue to expect record net interest income and solid positive operating leverage in 2025," said PNC Chairman and CEO Bill Demchak.
Capital markets and advisory revenue at PNC climbed 18% to $306 million in the quarter ended March 31, while asset management and brokerage revenue rose 7% to $391 million.
Fee income rose 5% to $1.83 billion.
The lender’s net income attributable to diluted common shareholders rose to $1.40 billion, or $3.51 per share, from $1.24 billion, or $3.10 per share, a year earlier.
Shares of the bank rose 1% in premarket trading.