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PNC tops Q2 earnings estimate on higher NII

PNC Financial Services (PNC) reported strong Q2 2018 results. The company smashed past consensus estimates on both the top and bottom line during the quarter, aided by higher net interest income (NII). In Q2 2018, PNC reported EPS of $2.72, beating analyst estimate of $2.59. Revenue for the quarter came in at $4.32 billion versus the consensus estimate of $4.26 billion. Net interest income rose 2% year-over-year to $2.4 billion.

During last year, the bank had successfully managed to beat analysts’ estimates for every quarter. For the past two years, the company’s EPS has only seen an upward movement.

PNC’s board raised the quarterly cash dividend on common stock to $0.95 per share, up 27%, effective with the August dividend.

To remain competitive, the Pennsylvania-based bank has been investing in new technology. Recently PNC along with a venture capital firm Citi Ventures invested $6-10 million in a B2B payments and receivables software provider HighRadius. Sources revealed that the funding would be used for technology development.

Shares of the company rose 2.40% during pre-market trading to $141.30.

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