PNC Financial Services reported Q2/15 net income of $1 billion compared with net income of $1.1 billion for Q2/14. PNC said Q2 earnings reflected revenue growth, well-controlled expenses, improved credit quality and higher loans, securities and deposits. Revenue of $3.9 billion was up from $3.8 billion in Q2/14.

The following highlights were excerpted from the news release:

• The Q2/15 net interest margin of 2.73% was down from 2.82% sequentially and 3.12% for Q2/14. The year/year margin decline resulted primarily as a result of the impact of increasing the company’s liquidity position, lower loan yields and lower benefit from purchase accounting accretion.
• Net interest income for Q2/15 decreased $77 million compared with the Q2/14. The decrease in core net interest income reflected lower loan and securities yields partially offset by loan growth and higher securities balances.
• Provision for credit losses in Q2/15 declined $26 million from Q2/14 reflecting overall credit quality improvement.

“PNC had a successful second quarter,” said William S. Demchak, chairman, president and chief executive officer. “We grew fee income on higher client activity, made positive progress on our strategic priorities and managed our expenses well despite low interest rates that continue to pressure net interest income industrywide.”

Access the full report from PNC here.