By Will Feuer
PNC Financial Services Group Inc. reported higher revenue and profit for the second quarter as growth in net interest income offset a year-over-year decline in non-interest income.
The Pittsburgh bank said second-quarter net income rose to $1.5 billion from $1.1 billion a year earlier. Earnings were $3.39 per share, down from $2.43 per share.
Adjusted for costs associated with the integration of recently acquired BBVA USA, adjusted earnings were $3.42 per share. Analysts polled by FactSet were looking for adjusted earnings of $3.14 per share. PNC completed its deal with BBVA USA in October 2021.
Second-quarter revenue rose nearly 10% to $5.12 billion, driven by higher net interest income and non-interest income. Analysts polled by FactSet were looking for revenue of $5.13 billion.
Net interest income of $3.1 billion increased 18%, driven by higher yields on interest-earning assets and increased loan balances, partially offset by higher funding costs. Non-interest revenue fell 1% from a year ago as the benefit of the BBVA USA acquisition and higher M&A advisory fees were more than offset by lower other non-interest income and a decline in residential and commercial mortgage banking.
The quarter included a provision for credit losses of $36 million, down from $208 million in the prior quarter.
Write to Will Feuer at [email protected]
(END) Dow Jones Newswire
July 15, 2022 07:27 ET (11:27 GMT)
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