PITTSBURGH (AP) — PNC Financial Services Group Inc. (PNC) on Wednesday reported net income that dropped by 5.1 percent in its second quarter, and topped analysts' expectations.
The Pittsburgh-based bank said net income after dividends on preferred stock fell to $995 million, or $1.85 per share, from $1.05 billion, or $1.98 per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.77 per share.
The company said revenue decreased 6.3 percent to $3.81 billion from $4.06 billion in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $3.76 billion, according to Zacks.
PNC Financial Services shares have risen $10.66, or 14 percent, to $88.24 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.8 percent. The stock has increased $13.74, or 18 percent, in the last 12 months.
Keywords:PNC Financial Services,Earnings Report