PNC Financial Services, a Pittsburgh-based bank, has announced its second-quarter earnings, which remained relatively unchanged compared to the same period last year.
Financial Highlights
- Net Income: The bank reported a net income of $1.48 billion, similar to the earnings from the previous year.
- Earnings per Share: On a per-share basis, earnings were recorded at $3.36, slightly lower than the $3.39 per share in the year-ago period.
- Revenue: PNC Financial Services saw a slight increase in revenue, reaching $5.29 billion, up from $5.12 billion in the previous year.
- Deposits: Average deposits fell to $425.7 billion from $446.5 billion a year ago and $436.2 billion in the previous quarter.
- Net Interest Income: While net interest income saw a 15% increase from last year to $3.51 billion, it declined by 2% on a sequential basis.
- Credit Loss Provision: The bank set aside $146 million for credit losses, significantly higher than the $36 million allocated a year ago but lower than the $235 million provisioned in the first quarter.
Despite these financial figures, PNC Financial Services experienced a 3.5% decrease in stock price during premarket trading, with shares falling to $122.75.
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