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.
Most Popular
AVGO Earnings: All you need to know about Broadcom Q1 2021 earnings results
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Infographic: Costco (COST) Q2 2021 sales up 15%; earnings miss
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
Will shifting to as-a-service model help Hewlett Packard in emerging stronger from COVID?
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard
