PNC Financial Services Group Inc. logged better-than-expected income results in the latest quarter, as deposits and loans grew with the closure of the bank's acquisition of BBVA USA.
The Pittsburgh-based bank posted diluted earnings from continuing operations of $2.43 a share, compared with a diluted loss from continuing operations of $1.90 a share in the same three-month period a year earlier. Net income attributable to common shareholders was $1.04 billion, compared with $3.59 billion in 2020's second quarter.
Analysts polled by FactSet were expecting earnings of $1.09 a share.
Net interest income rose to $2.58 billion, from $2.53 billion a year earlier. Non-interest income was $2.09 billion, up from $1.55 billion 12 months ago.
Analysts had forecast net interest income of $2.56 billion and non-interest income of $1.87 billion.
PNC provisioned $302 million for credit losses in the latest quarter. PNC's legacy provision recapture of $704 million was more than offset by an initial provision of $1 billion related to the bank's acquisition of BBVA. In last year's second quarter, the bank had provisioned $2.46 billion amid the worsening coronavirus pandemic and its effects on the economy.
Loans grew to $294.7 billion, after finishing the first quarter at $237 billion. Deposits grew to $452.9 billion, from $375.1 billion at the end of the first quarter. The allowance for credit losses stood at 2.16% of total loans.
PNC's net interest margin was 2.29%, down from 2.52% a year earlier
PNC shares fell 1.79% in premarket.
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