PNC nearly doubles quarterly profit from one year ago

Share with others:


Print Email Read Later

PNC Financial Services Group reported second-quarter profit of $1.07 billion, a 14-percent increase over last quarter's earnings of $938 million.

The region's biggest bank reported profit of $1.99 per diluted share, up from 98 cents a share for the same quarter a year ago, when total profit was $526 million.

Total revenue this quarter $4.06 billion, up 12 percent the $3.62 billion PNC reported a year ago.

The quarterly report is the first to be released since William Demchak succeeded James Rohr as CEO in April. Mr. Rohr ran the bank for 13 years and will remain involved in its operations as executive chairman for one year.

The results were announced before the market opened. Top PNC executives are set to discuss the numbers in a conference call with Wall Street analysts this morning.

PNC shares closed Tuesday at $74.50.

mobilehome - neigh_city - breaking - businessnews

Daniel Sisgoreo: dsisgoreo@post-gazette.com, 412-263-1410 and on Twitter: @DanielSisgoreo.


Advertisement
Advertisement
Advertisement

You have 2 remaining free articles this month

Try unlimited digital access

If you are an existing subscriber,
link your account for free access. Start here

You’ve reached the limit of free articles this month.

To continue unlimited reading

If you are an existing subscriber,
link your account for free access. Start here