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Mar 31, 2020
PNC Q1 2020 Earnings Report
PNC's performance was impacted by a significant increase in the provision for credit losses due to the adoption of CECL and the economic impact of COVID-19, while revenue remained relatively stable.
Key Takeaways
PNC Financial Services Group reported a decrease in net income attributable to common shareholders for Q1 2020 compared to Q1 2019, driven by a substantial increase in the provision for credit losses, largely due to the adoption of the CECL standard and the economic impact of COVID-19. Despite the challenges, total revenue remained relatively stable.
Net income attributable to common shareholders decreased to $844 million, compared to $1,311 million in the same period last year.
Earnings per diluted common share decreased to $1.95, compared to $2.97 in the same period last year.
Total revenue remained relatively stable at $4.517 billion, compared to $4.609 billion in the same period last year.
Provision for credit losses increased significantly to $914 million, compared to $221 million in the same period last year.
Revenue by Segment
Forward Guidance
PNC did not include forward guidance in the report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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