PNC reports successful second quarter
PNC on Wednesday reported second-quarter 2015 net income of $1 billion, or $1.88 earnings per diluted common share.
This is compared with $1 billion of net income and $1.75 diluted share in the first quarter of 2015, and $1.1 billion of net income and $1.85 diluted share in the second quarter of 2014.
The Pittsburgh-based bank operates in 19 states and Washington, D.C. There are more than 2,700 branches, online and mobile services and 8,750 ATMs.
“PNC had a successful second quarter,” said William S. Demchak, chairman, president and chief executive officer, in a statement. “We grew fee income on higher client activity, made positive progress on our strategic priorities and managed our expenses well despite low interest rates that continue to pressure net interest income industrywide.”
PNC said the results reflected revenue growth, well-controlled expenses, improved credit quality and higher loans, securities and deposits.
Total revenue for the second quarter of this year increased $135 million compared with the first quarter, primarily reflecting strong fee income growth and higher gains on asset sales.
Loans grew $400 million to $205.1 billion at June 30, 2015, compared with March 31 this year.
Total commercial lending increased $1 billion, primarily in PNC’s real-estate, business-credit and corporate-banking businesses. Overall credit quality improved in the second quarter compared with the first quarter.
PNC’s Retail Banking transformation remained on track. About 52 percent of consumer customers used nonteller channels for the majority of their transactions during the second quarter of 2015 compared with 50 percent for the first quarter and 45 percent for the second quarter of 2014.
Deposit transactions via ATM and mobile channels increased to 42 percent of total deposit transactions in the second quarter of 2015 compared with 40 percent for the first quarter and 33 percent for the second quarter of 2014.
PNC’s total assets were $354 billion, up from $327 billion a year ago.