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PNC Q4'19 profit up YOY; Fed approves more share buybacks

Pittsburgh-based PNC Financial Services Group Inc. reported net income attributable to common shareholders of $1.31 billion, or $2.97 per share, in the fourth quarter of 2019, up from $1.28 billion, or $2.75 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $2.94.

Net interest margin for the quarter was 2.78%, a decrease from 2.84% in the previous quarter and 2.96% in the year-ago period. PNC attributed the quarter over quarter decrease in NIM to lower-earning asset yields and a lower benefit from noninterest-bearing sources of funds, which it said were substantially offset by lower rates on deposits and borrowings. The company attributed the year over year decrease in net interest margin to lower yields on earning assets, which were partially offset by lower borrowing costs.

Net interest income for the quarter was $2.49 billion, a slight increase from $2.48 billion in the fourth quarter of 2018. Noninterest income for the quarter also increased year over year to $2.12 billion from $1.86 billion. Overall, PNC's total revenue for the quarter increased year over year to $4.61 billion from $4.34 billion.

Provision for credit losses for the fourth quarter of 2019 increased year over year to $221 million from $148 million. Net charge-offs for the quarter also increased year over year to $209 million from $107 million.

Quarter-end loans stood at $239.8 billion, compared with $237.3 billion in the previous quarter and $226.2 billion in the year-ago period. Quarter-end deposits stood at $288.5 billion, compared with $285.6 billion in the previous quarter and $267.9 billion in the year-ago period.

The Federal Reserve in January approved PNC's plan to repurchase up to an additional $1.0 billion in common shares through the end of the second quarter. This is in addition to the company's plan to repurchase up to $4.3 billion in common shares for the four-quarter period beginning in the third quarter of 2019.

PNC reported net income attributable to common shareholders of $5.13 billion, or $11.39 per share, in full-year 2019, a slight increase from $5.06 billion, or $10.71 per share, in the year-ago period. Total revenue for 2019 increased year over year to $17.83 billion from $17.13 billion.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the year was $11.39.