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PNC Financial Services Group, Inc. (NYSE: PNC) announced a 5.3 percent drop in its bottom line hurt by two percent fall in the top line.
PNC Financial said it earned $989 million, down 5.3 percent from $1.04 billion while earnings fell 3.2 percent to $1.82 per share from $1.88 a share in the year-ago quarter. This was $0.07 a share higher than the Street analysts' expectations of $1.75 a share.
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The company's top line fell 2 percent to $3.79 billion from $3.87 billion in the previous year quarter and fell short of the Street analysts' predictions of $3.81 billion. While net interest income rose 1 percent, non-interest income dipped 5 percent.
PNC Financial chairman, president and CEO, William, Demchak, commented about the results stating: "We had a good second quarter against a backdrop of global uncertainty. We grew fee income, along with average loans and deposits, and we announced plans to return additional capital to our shareholders in the coming year. In the wake of the Brexit vote, as lower interest rates weigh on future performance, we remain focused on executing against our strategic priorities to create long-term shareholder value without compromising our risk profile or balance sheet."
The company said its provision for credit losses dipped to $127 million from $152 million in the first quarter as overall credit quality remained stable. Its loans advanced $1.6 billion, or 1 percent, to $209.1 billion at the end of June quarter compared with March quarter.
Similarly, its total commercial lending increased $1.9 billion, or 1 percent, mainly due to large corporate customers in PNC's corporate banking business and from growth in real estate loans. However, the company's total consumer lending fell $0.3 billion on lower home equity, as well as education loans that were partly compensated by auto and credit card loan growth.
PNC's deposits were $249.8 billion at the end of the second quarter representing a fall of $0.6 billion from the first quarter.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.