PNC Lifts Dividend 20% on Stable Net Interest Margin of 2.28%
- Scott Peters
- U.S.A. New York City
-
Grew loans; controlled expenses; maintained strong credit quality Raised quarterly common stock dividend 20% to $1.50 per share on April 1, 2022.
The PNC Financial Services Group said first quarter revenues increased 11% to $4.7 billion from a year ago reflecting the acquisition of BBVA USA. Revenues declined 8% from the previous quarter. Net interest margin in the first quarter was 2.28% compared to 2.27% a year ago. Net income declined 22% to $1.43 billion on lower capital markets activities. Earnings per share fell to $3.29 from $4.10 a year ago and provision for loan losses fell to 1.76% from 2.2%.
"In the first quarter, PNC grew loans, deployed liquidity through securities purchases, controlled expenses and maintained strong credit quality. In addition to normal seasonality, fee income was adversely impacted by a general slowdown in capital markets activity; nevertheless, our financial results were solid. Based on this performance, our strong capital levels and the board's confidence in PNC's execution of its strategic priorities, we increased the quarterly common stock dividend by 20% in April."
Annual Returns
| Company | Ticker | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| PNC Financial Services Group Inc The | PNC | -1% | 25% | -1% |