Equity Analysis /
United States of America

US : The PNC Financial Services Group, Inc. - PNC | 4Q20 First Look: Reserve Release, Capital Markets Revs Fuel Beat

    Contributors
    Joseph Yanchunis
    Carl-Harry Doirin
    CGS-CIMB
    15 January 2021
    Published byCGS-CIMB

    Event:PNC reported 4Q20 EPS of $3.26. However, ex. items detailed in the table on page 3, we peg core EPS at $3.48, which handily exceeded our forecast $2.54 and consensus of $2.61 (range: $2.47 - $3.02). A net reserve release (negative loan loss provision) and stronger core fee income more than of