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PNC Financial's profit rises on interest income growth, lower rainy-day funds

PNC Financial Services Group reported a rise in its fourth-quarter profit on January 16, 2025, driven by an increase in interest income and a reduction in provisions for credit losses. The bank's net interest income grew due to higher interest rates, although this was partially offset by increased funding costs. PNC also benefited from lower reserves set aside for potential loan losses, reflecting an improved economic outlook. However, non-interest income saw a decline due to lower fee income from capital markets and advisory services. Despite these challenges, PNC's CEO, William Demchak, expressed optimism about the bank's strategic positioning and its ability to navigate the current economic environment effectively.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/pnc-financials-profit-rises-interest-income-growth-lower-rainy-day-funds-2025-01-16/ ]