Financial services firm The PNC Financial Services Group, Inc. (NYSE: PNC) on Friday reported higher earnings and revenues for the second quarter of 2022. The company’s stock made modest gains after the announcement.
Net income for the second quarter was $1.50 billion or $3.39 per share, compared to $1.10 billion or $2.43 per share in the same period of last year. Adjusted earnings increased to $3.42 per share from $2.64 per share last year.
The bottom line benefitted from a 10% growth in total revenues to $5.12 billion as net interest income and noninterest income increased year-over-year.
Check this space to read management/analysts’ comments on PNC’s Q2 2022 earnings
“PNC had a very strong second quarter. Loan growth exceeded our expectations, both net interest income and net interest margin increased meaningfully, fees rebounded and expenses remained well controlled. We’re gaining traction across our expanded footprint and are confident that our capital levels and strong credit quality position us for continued success,” said Bill Demchak, CEO of PNC Financial.