PNC Financial Earnings Lifted by Record Revenue
By Robb M. Stewart
PNC Financial Services Group's earnings rose in the latest quarter as it generated record revenue and fee income, with a boost from commercial loan growth and higher noninterest-bearing deposit balances.
The Pittsburgh financial-services company on Wednesday recorded net income of $2.06 billion, or $4.81 a share, for the second quarter. That was up from $1.64 billion, or $3.85 a share, a year earlier and beat the $4.54 a share mean forecast of analysts polled by FactSet.
Revenue increased 21% to $6.88 billion, topping the $6.51 billion analysts expected.
Net interest income was up 16% at $4.11 billion, while noninterest income rose 31% to $2.77 billion.
PNC, whose business includes retail banking, asset management and corporate and institutional banking operations, reported a provision for credit losses of $191 million for the quarter. That was down from $210 million the quarter before and $254 million in the same period last year, and below the $250 million that Wall Street was expecting to be set aside.
PNC, following through on a pledge made after the Federal Reserve's annual stress test, earlier in the month raised its quarterly dividend by 18% to $2 a share. It comes after the company early in the year finalized a $4.1 billion deal to acquire FirstBank in a move that advanced its national ambitions by extending its presence in the West through the Colorado-based bank.
PNC booked $127 million in integration costs during the latest quarter related to the tie-up. As of June 22, it said it had converted 780,000 customers, more than 1,620 employees and 95 branches across Colorado and Arizona as it merged FirstBank into PNC Bank.
PNC said it maintained a strong capital position, with a common equity Tier 1 capital ratio of 9.9% in the second quarter, down from 10.5% a year prior.
Average loans increased by $12.3 billion, or 4%, to $363.2 billion in the second quarter, while average deposits were stable, the company said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
July 15, 2026 07:28 ET (11:28 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Dividend Stocks
12 Best Blue-Chip Stocks to Buy for the Long Term
United States