PNC Financial's Profit Lifted By Loans, Revenue

Date : 07/17/2019 @ 11:43AM
Source : Dow Jones News
Stock : PNC Financial Services Group Inc (PNC)
Quote : 152.24  0.89 (0.59%) @ 2:52PM

PNC Financial's Profit Lifted By Loans, Revenue

PNC Financial Services (NYSE:PNC)
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6 Months : From Jun 2019 to Dec 2019

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By Kimberly Chin 

PNC Financial Services Group Inc.'s profit increased in the second quarter, driven by strong growth in loans, deposits and revenue.

Total revenue at one of the country's largest regional banks was $4.44 billion, up 2.7% from the comparable quarter a year ago. Analysts polled by FactSet were expecting $4.41 billion in revenue.

Net interest income rose 3.5% to $2.5 billion. Noninterest income increased 1.6% to $1.94 billion.

PNC reported a quarterly profit of $1.36 billion, a 1.2% rise from a year earlier. Per-share earnings were $2.88, up from $2.72 a year ago. Analysts expected $2.82 a share.

The bank's provision for credit losses more than doubled to $180 million in the quarter, compared with $80 million a year earlier.

Net interest margin -- an important measure for banks that highlights their lending profitability -- was 2.91%, slightly lower than the 2.96% reported in the comparable quarter a year ago.

In May, Federated Investors Inc. said it would acquire certain components of PNC Capital Advisors LLC's investment-management business from PNC Financial Services Group.

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

July 17, 2019 07:28 ET (11:28 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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