PNC Financial Services Group’s (NYSE: PNC) revenue in the second quarter declined 3% and missed the Street’s estimates. The banking firm reported earnings of $8.40 per share, reflecting the gain from the sale of the equity investment in BlackRock. PNC stock was up about 2% in the pre-market trading session.
“While our pre-provision results for the second quarter were good in the context of a lower rate environment and business headwinds, the uncertainty in the economy related to the pandemic resulted in a substantial loan loss reserve build,” said CEO Bill Demchak.
