PITTSBURGH, Pa. – PNC Financial Services Group on Wednesday reported a second quarter net income of $1.6 billion.
PNC’s report included $5.7 billion in total revenue, a 4% increase of $209 million. Net interest income was $3.6 billion, an increase of $79 million. Additionally, noninterest expenses were stable at $3.4 billion.
“Our national growth strategy continues to deliver results,” said Bill Demchak, PNC chairman and CEO. “New customer acquisition is accelerating, while we continue to deepen relationships with our existing customers across businesses. The strength of our franchise resulted in strong loan and revenue growth even through an uncertain macro environment, while expenses remained well controlled. Overall, we had a great quarter.”
Average loans were $322.8 billion, an increase of $6.1 billion, including growth in the commercial and industrial portfolio of 4%. Delinquencies were down 9% to $1.3 billion, and nonperforming loans decreased by 8% to $2.1 billion.
Average investment securities of $141.9 billion were stable, while investment securities as of the end of the second quarter were $142.3 billion, an increase of 3%.
In early July, the PNC board of directors raised the quarterly cash dividend of common stock by 10 cents per share to $1.70.
The full report can be viewed HERE.