PNC Financial Services Reports Q2 Earnings Beat

PNC Financial Services PNC reported second-quarter earnings of $2.88 per share, which beat the analyst consensus estimate of $2.82. This is a 5.88% increase over earnings of $2.72 per share from the same period last year.

The company reported quarterly sales of $4.44 billion, which beat the analyst consensus estimate of $4.41 billion. This is a 2.68% increase over sales of $4.324 billion the same period last year.

"PNC had a successful second quarter. Loan growth was strong, both net interest income and noninterest income increased, expenses were well managed and we generated positive operating leverage,” said Bill Demchak, CEO of PNC. “The strength of our capital position and consistent performance supports our recently announced 21 percent common stock dividend increase. We are continuing to invest in our businesses to expand and deepen customer relationships, including in new markets, to drive long-term shareholder value."

PNC Financial Services shares are trading up 0.89% at $140 in Wednesday’s pre-market session.

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