PNC's Loss Provisions Climb Due to Commercial Lending
July 17 2019 - 9:04AM
Dow Jones News
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 kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 17, 2019 08:49 ET (12:49 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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