PNC Reports Higher Earnings; Plans to Expand Middle-Market Business

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PNC Financial reported Q2/17 earnings of $1,097 million, up 11% from $989 million in the same quarter a year ago. Total revenue of $4,010 billion was up 6% from $3,794 billion in Q2/16.

The following highlights were excerpted from the PNC news release:

  • Commercial lending balances increased $5.1 billion in PNC’s corporate banking, real estate and business credit businesses as well as the equipment finance business, which included the acquisition on April 3, 2017 of a commercial and vendor finance business with $1.0 billion of loans and leases.
  • Provision for credit losses increased $10 million to $98 million and included an initial provision for a loan and lease portfolio obtained through a business acquisition offset by a benefit from the performance of certain residential real estate loans and home equity lines of credit reaching draw period end dates.
  • PNC noted that is has formalized plans to expand its middle-market business into Denver, Houston and Nashville in 2018 following expansion to Dallas, Kansas City and Minneapolis in 2017.

“In the second quarter, PNC grew loans and revenue, and we controlled expenses well,” said William S. Demchak, chairman, president and CEO. “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.”

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