PNC Out with Q2 Numbers

PNC Financial Services Group Inc (NYSE:PNC) reported quarterly earnings Wednesday morning.

The Pittsburgh-based bank revealed net income of $1.374 billion, compared to $1.356 billion in the prior-year quarter. Diluted earnings per share came out to $2.88, compared to $2.72 in the prior-year quarter.

Total revenue of $4.4 billion grew $153 million, or 4%.

Net interest income of $2.5 billion increased $23 million, or 1%, reflecting higher loan and securities balances and an additional day in the second quarter partially offset by lower asset yields and higher borrowing and deposit balances.

Non-interest income of $1.9 billion increased $130 million, or 7%.

PNC also reported average loans increased $6.3 billion, or 3%, to $234.8 billion in the second quarter compared with the first quarter.

Average commercial lending balances grew $5.4 billion primarily in PNC's corporate banking and business credit businesses.

Said CEO Bill Demchak, "PNC had a successful second quarter. Loan growth was strong, both net interest income and non-interest income increased, expenses were well-managed and we generated positive operating level strength of our capital position and consistent performance supports our recently announced 21% stock divided increase."

PNC returned $1.2 billion of capital to shareholders in the second quarter of 2019 through repurchases of six million common shares for $802 million and dividends on common shares of $431 million.

PNC completed common stock repurchase programs of $2.6 billion and repurchased $0.2 billion related to employee benefit plans for the four quarter period ending in the second quarter of 2019

PNC shares vaulted $3.03, or 2.2%, in Wednesday’s first hour of trading, to $141.79