PITTSBURGH _ PNC Financial Services Group reported profits for its first quarter jumped 13 percent on higher revenue, aided by more loans and higher interest rates.
Net income attributable to common shareholders was $973 million, up from $859 million in the same quarter last year. Per-share earnings increased 17 percent to $1.96 from $1.68, beating analysts' average estimate of $1.83.
Revenue rose 6 percent to $3.88 billion, up from $3.67 billion.
"PNC had a good start to the year," CEO William Demchak said in a statement Thursday morning. He said Pittsburgh's biggest bank was well positioned to benefit from expected increases in interest rates in the coming year.
Roughly 61 percent of consumers used non-teller methods for the majority of their transactions with the bank in the first quarter, up from 56 percent a year ago, PNC said.
