UPDATE: PNC Posts Better-Than-Expected Q2 Earnings

PNC Financial Services Group

reported upbeat second-quarter earnings. PNC posted a quarterly profit of $1.05 billion, versus a year-ago profit of $1.11 billion. On a per-share basis, its earnings slipped to $1.85 versus $1.98. Its revenue fell 6.3% to $3.81 billion, while loan portfolio rose 5.9%. Analysts were expecting earnings of $1.78 per share on revenue of $3.81 billion. Noninterest expenses declined to $2.33 billion, from $2.41 billion. Provision for credit losses decreased to $72 million, versus $157 million in the year-ago period. Loans rose 1% to $201 billion at June 30, 2014 versus March 31, 2014. Total commercial lending surged $3.3 billion, while total consumer lending dropped $.6 billion. Total deposits at June 30, 2014 rose $.2 billion versus March 31, 2014. Noninterest income fell $125 million versus the year-ago quarter, while asset management revenue climbed $22 million. Its net interest margin widened to 3.12% from 3.58%. The company's press release offered the following comment from William S. Demchak, chairman, president and chief executive officer: "We delivered solid earnings in the second quarter of 2014." PNC shares gained 1.29% to close at $88.24 yesterday.