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.

Total Revenue

$4.52B

Previous year: $4.29B