PNC Financial Services Group Inc. on Jan. 16 posted net income applicable to common shares of $1.27 billion, or $2.75 per share, for the fourth quarter of 2018, compared to net income of $2.01 billion, or $4.18 per share, a year earlier.
The S&P Global Market Intelligence consensus estimate for GAAP EPS for the 2018 fourth quarter was $2.79.
The 2017 fourth-quarter's results included a net benefit of $911 million from federal tax legislation and significant items.
The company's net interest income for the quarter was $2.48 billion, up 6% from the year-ago quarter's $2.35 billion. Higher loan and securities yields and balances were partially offset by higher deposit and borrowing costs reflecting the impact of the increase in interest rates.
PNC Financial recorded a provision for credit losses of $148 million, an increase from $88 million in the previous quarter and $125 million a year earlier. Net charge-offs totaled $107 million, compared to net charge-offs of $91 million in the linked quarter and $123 million in the year-ago quarter.
Total loans at the end of fourth quarter of 2018 stood at 226.2 billion, up 1% from the end of the linked quarter and up 3% from the end of the year-ago quarter.
Total deposits stood at $267.9 billion at the end of the fourth quarter, up 1% from the end of the linked and year-ago quarters.
For full year 2018, the Pittsburgh-based company reported net income applicable to common shares of $5.03 billion, or $10.71 per share, compared to net income of $5.04 billion, or $10.36 per share, in 2017.