PNC Financial Services Group has posted a net income of $1.09bn for the second quarter of 2017, an increase of nearly 11% compared to $989m a year ago.
For the quarter ended 30 June 2017, total revenues were $4.06bn, a rise of 7% over $3.97bn reported in the year ago period.
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Net interest income rose 9.2% to $2.26bn from $2.07bn, while non-interest expenses increased 5% to $2.5bn.
Total loans grew $5.2bn as of June 30, 2017 compared with 31 March 2017. Commercial lending balances increased $5.1bn in the group’s corporate banking, real estate and business credit businesses as well as the equipment finance business.
Consumer lending balances increased $0.1bn as growth in residential mortgage, auto and credit card loans was substantially offset by lower home equity and education loans, the bank said in its earnings statement.
The asset management division of the group reported earnings of $52bn for the second quarter, up 4% compared to the year ago period.
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By GlobalDataThe division’s client assets under administration at June 30, 2017 included discretionary client assets under management of $141bn and nondiscretionary client assets under administration of $125bn.
PNC Financial chairman, president and CEO William Demchak said: “In the second quarter, PNC grew loans and revenue, and we controlled expenses well. We’ve maintained a strong capital position and recently increased our common stock dividend by 36% to an all-time high.
“Our ongoing execution on our strategic priorities across the enterprise has positioned us for continued success in the current credit and interest rate environment, as well as for the long term.”
