PNC 2Q Earnings, Revenue Rise on Net Interest Income Growth

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By Will Feuer

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PNC Financial Services Group Inc. posted higher revenue and profit for the second quarter as growth in net interest income offset a year-over-year slump in non-interest income.

The Pittsburgh bank said second-quarter net income rose to $1.5 billion from $1.1 billion a year earlier. Earnings were $3.39 a share, compared with $2.43 a share.

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Adjusted for costs associated with the integration of recently acquired BBVA USA, adjusted earnings were $3.42 a share. Analysts surveyed by FactSet were looking for adjusted earnings of $3.14 a share. PNC completed its deal with BBVA USA in October 2021.

Second-quarter revenue rose almost 10%, to $5.12 billion, boosted by higher net interest income and noninterest income. Analysts surveyed by FactSet were looking for revenue of $5.13 billion.

Net interest income of $3.1 billion rose 18%, driven by higher yields on interest-earning assets and increased loan balances, partially offset by higher funding costs. Noninterest income fell 1% from a year ago as the benefit of the acquisition of BBVA USA and higher merger and acquisition advisory fees were more than offset by a decline in other noninterest income and lower residential and commercial mortgage banking activities.

The quarter included a provision for credit losses of $36 million, down from $208 million in the prior quarter.

Write to Will Feuer at [email protected]

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Credit: www.marketwatch.com /

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