PNC Financial’s profit jumps on higher loan growth

(Reuters) – U.S. regional lender PNC Financial Services Group Inc (PNC.N) met Wall Street expectations for a 20 percent jump in quarterly profit on Friday as it benefited from more borrowing by companies.

The logo above a PNC Bank is shown in Charlotte, North Carolina April 18, 2012. REUTERS/Chris Keane/File Photo

The Pittsburgh-based bank, among the United States’ largest local lenders by assets, said its loan portfolio grew 4 percent in the first quarter ended March 31, with commercial lending expanding 6 percent.

“We see loan demand strengthening and look forward to launching our national retail digital strategy as the year goes on,” Chief Executive William Demchak said in the earnings release.

Net income attributable to common shares rose to $1.16 billion, or $2.43 per share, from $963 million, or $1.96 per share, a year earlier.

Net interest income rose 9 percent to $2.37 billion.

Reporting by Parikshit Mishra in Bengaluru; Editing by Sriraj Kalluvila

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