PNC Financial's Profit Lifted By Loans, Revenue
July 17 2019 - 7:43AM
Dow Jones News
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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