The PNC Financial Services Group (PNC) has posted a net income of $943m for the first quarter of 2016, down 6% compared to $1bn in the year-ago quarter.
The bank’s total revenue decreased 1.7% to $3.66bn from $3.73bn in the first quarter of 2015.
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Net interest income stood at $2.09bn, a rise of 1.2% from $2.07bn in the prior year. Noninterest income dropped 5.5% year-on-year to $1.56bn from $1.66bn.
The Asset Management Group of the company posted a net income of $49m for the first quarter, a surge of 32.4% compared to $37m a year ago.
The unit’s net interest income rose 5.4% $77m from $73m a year ago, while noninterest income dipped 2.4% to $203m from $208m a year ago.
The unit’s client assets under administration at the end of March 2016 were $260bn, which included $135bn in discretionary client assets under management and $125bn in nondiscretionary client assets under administration.
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By GlobalDataPNC chairman, president and CEO William Demchak said: "PNC had solid first quarter earnings that were impacted by weaker equity markets and related fees, and continued deterioration in energy related credits.
"We lowered expenses, maintained a strong balance sheet and continued to return capital to shareholders. We also saw good underlying trends in our businesses to start the year, and we expect that momentum to continue in 2016."
