PNC Financial doubles earnings

The PNC Financial Services Group Inc., the Pittsburgh-based parent company of PNC Bank, today reported second quarter net income of $1.1 billion, or $1.99 per share, up from $546 million, or 98 cents per share, in the same period a year ago.

 
Second quarter earnings included client fee income growth, higher gains on asset sales and higher asset valuations due to the rise in long-term interest rates, partially offset by an increased provision for residential mortgage repurchase obligations, compared with the first quarter.

“PNC’s second quarter results reflect the progress we’re making in the execution of our strategic priorities,” said William Demchak, president and chief executive officer of PNC. “We grew revenue on the strength of noninterest income, benefited from market conditions and remained disciplined on expense management. Overall credit quality continued to improve and our strong capital position should enable us to create greater long-term value for our shareholders.”

The company operates branches in southeastern Wisconsin.

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