PNC reports 2nd quarter earnings
PNC reported second quarter 2015 net income of $1 billion, or $1.88 earnings per diluted common share today. That compares with $1 billion of net income and $1.75 diluted EPS in the first quarter of 2015, and $1.1 billion of net income and $1.85 diluted EPS in the second quarter of 2014.
PNC executives said the results reflected revenue growth, controlled expenses, improved credit quality and higher loans, securities and deposits.
Second quarter highlights included:
· Total revenue for the second quarter of 2015 increased $135 million compared with the first quarter primarily due to strong fee-income growth and higher gains on asset sales.
· PNC had a loans-to-deposits ratio of 86 percent at June 30.
· PNC repurchased 5.9 million common shares for $.6 billion during the second quarter.
· Approximately 52 percent of consumer customers used non-teller channels for the majority of their transactions during the second quarter. That compares with 50 percent for the first quarter and 45 percent for the second quarter of last year.
· Deposit transactions via ATM and mobile channels increased to 42 percent of total deposit transactions in second quarter 2015 compared with 40 percent for the first quarter and 33 percent for the second quarter of 2014.
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