The PNC Financial Services Group Inc. today reported second quarter net income of $1 billion, or $1.88 per share, down from $1.1 billion, or $1.85 per share, in the second quarter of 2014.
Revenue was $3.9 million, up from $3.8 million in the same period a year ago, driven by a 9 percent increase in noninterest income.
Residential mortgage banking income declined in the quarter, but most other segments saw increases.
PNC had $353.9 billion in assets in the second quarter, up from $327.1 billion in the second quarter of 2014. During the quarter, it lowered its nonperforming loans to total loans ratio from 1.39 percent a year ago to 1.1 percent today.
“PNC had a successful second quarter,” said William Demchak, chairman, president and chief executive officer. “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.”
Pittsburgh-based PNC Financial Services Group is the parent of PNC Bank, which has a significant presence in the Milwaukee market.
