PNC Financial Services Group released its first-quarter earnings Wednesday, reporting a net income of $1.0 billion, or $1.76 per diluted share.
The bank was able to decrease the amount of funds set aside to cover risky loans as credit conditions throughout the country continued to improve. In its report, PNC (PNC) reports its provision for credit losses totaled $236 million, dropping 26% in the first quarter.
"PNC's diversified businesses delivered solid revenue despite weaker lending in the first quarter and ― combined with significantly reduced expenses ― drove improved returns for our shareholders," said James E. Rohr, chairman and chief executive officer.
The bank’s mortgage loan originations for the first quarter totaled $4.2 million. This compares to $4.4 million in the fourth quarter and $3.4 million one-year prior.
"We are making important progress on all of our strategic priorities as we continue to focus on growing deposits, loans and revenue," added Rohr. "Our strong capital position should enable us to continue to invest to meet our clients' needs even as we remain committed to disciplined expense management over the course of the year."