PNC Financial Services tops Street 1Q forecasts

PITTSBURGH (AP) _ PNC Financial Services Group Inc. (PNC) on Thursday reported first-quarter net income of $1.06 billion.

The bank, based in Pittsburgh, said it had earnings of $1.96 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.84 per share.

The regional bank operator posted revenue of $4.24 billion in the period. Its adjusted revenue was $3.88 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.77 billion.

PNC Financial Services shares have dropped nearly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 5 percent. The stock has risen 40 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PNC at https://www.zacks.com/ap/PNC

Keywords: PNC Financial Services, Earnings Report