PNC 2Q Results Strengthen Amid Uncertain Macro Environment
By Denny Jacob
PNC Financial Services Group posted top- and bottom-line increases in its latest quarter, likely aiding the view that major U.S. banks' results are showing an economy that continues to hum despite concerns about tariffs and a recession.
The Pittsburgh bank and financial-services company on Wednesday reported net income of $1.64 billion, or $3.85 a share, for the second quarter, up from $1.48 billion, or $3.39 a share, in the prior-year period. Analysts polled by FactSet expected $3.55 a share.
Revenue rose 4.6% to $5.66 billion from $5.41 billion. Analysts polled by FactSet expected $5.61 billion.
Net interest income came in at $3.56 billion, while noninterest income was reported at $2.11 billion.
PNC said net interest income growth was driven by loan growth, the continued benefit of fixed-rate asset repricing and one additional day in the quarter.
Provision for credit losses was $254 million and reflected changes in macroeconomic scenarios, tariff related considerations and portfolio activity, including loan growth, said PNC. The prior quarter's credit-loss provision was $219 million, it said.
"The strength of our franchise resulted in strong loan and revenue growth even through an uncertain macro environment," said Chief Executive Bill Demchak.
Write to Denny Jacob at denny.jacob@wsj.com