Investing
PNC promises up to $15 billion in short-term debt to provide additional liquidity
© Reuters. FILE PHOTO: A person walks past a branch of PNC Bank, a subsidiary of PNC Financial Services Group, in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim
(Reuters) -PNC Financial Services Group Inc said on Tuesday the parent company and its banking unit can offer up to $15 billion of its commercial paper to provide additional liquidity.
The regional bank, which has so far been insulated from deposit flight, said in a filing the holding company can offer up to $5 billion and the banking unit $10 billion.
No commercial paper has been issued as of March 31, the filing said. Commercial paper is an unsecured debt instrument issued by companies to finance short-term needs such as inventories and payroll.
The company’s liquidity coverage ratio for the first quarter was 108%, exceeding its regulatory minimum requirement, it said. Its common equity tier 1 ratio, a key measure of financial strength, had also increased to 9.2% at March end, from 9.1% at December end.
PNC, among the top 10 U.S. banks by assets, reported a marginal rise in deposits to $436.8 billion and a profit of $3.98 per share in the first quarter that exceeded analysts’ estimate.
The Federal Reserve in March unveiled a new program to ensure banks can meet the needs of all their depositors amid escalating chances of bank runs.
Read the full article here
-
Side Hustles7 days ago
3 Steps You Can’t Miss When Growing Your Business
-
Investing7 days ago
How I Transformed My Business by Letting Go of Low-Value Tasks
-
Side Hustles6 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Investing5 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles5 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles4 days ago
How to Be Unapologetically You and Why It Matters
-
Passive Income5 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Passive Income7 days ago
CVS Is Laying Off Thousands in Cost Cutting Initiative