PNC Financial Services (NYSE:PNC)
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6 Months : From May 2019 to Nov 2019
By Kimberly Chin
PNC Financial Services Group Inc. (PNC) said its provision for credit losses more than doubled in the quarter, driven mostly by higher loan growth.
PNC said its provision for losses rose to $180 million in the second quarter, compared with $80 million a year earlier.
The company's higher loan growth was primarily attributed to higher commercial lending. Balances rose 6.9% to $160.1 billion in the quarter.
Over all the company charged off $142 million in the quarter, up 30% from a year earlier.
The allowance for loan and lease losses ratio was 1.15% in the most recent quarter, compared with 1.16% a year earlier.
Nonperforming assets were 0.46% of total assets at the end of the quarter, compared with 0.49% a year earlier.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
July 17, 2019 08:49 ET (12:49 GMT)
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