PNC Financial reports Q2 net income of $2.1 billion, with adjusted EPS of $4.85 and revenue up 12% sequentially.
PNC Financial Services Group reported second-quarter net income of $2.1 billion, or $4.81 per diluted share, with adjusted earnings of $4.85 after $0.04 in integration costs. CEO Bill Demchak called the results “impressive” amid broad-based business momentum and stable credit quality.
Total revenue climbed 12% to $6.9 billion from the prior quarter, driven by a $146 million increase in net interest income to $4.1 billion. Net interest margin edged up one basis point to 2.96%, supported by commercial loan growth and higher non-interest-bearing deposits. Fee income also contributed to the revenue gain.
Management highlighted strong client acquisition across corporate and private banking, along with growth in demand deposit accounts. Commercial loan performance and favorable deposit pricing further bolstered results.