News Column

BRIEF: PNC posts slightly lower 2Q earnings

July 16, 2014

By Chris Fleisher, The Pittsburgh Tribune-Review



July 16--Profit at PNC Financial Services Group fell slightly in the second quarter as revenue declined.

On Wednesday, the bank reported earnings of $1 billion in the period that ended June 30, or $1.85 per share, compared with $1.06 billion, or $1.98 per share, in the same period last year.

Revenue in the second quarter fell 6 percent to 3.8 billion from 4.06 billion a year ago.

PNC president and CEO William Demchak said the bank "delivered solid earnings."

"We grew our loans, our fee business performed well, expenses were well managed, credit quality continued to improve and capital levels strengthened," Demchak said in a news release. "While our near-term outlook is for a continuation of the low interest rate environment, we are making important progress on our strategic priorities, which we expect will benefit our long-term performance."

Through the first six months, earnings were up less than 1 percent, to $1.99 billion from 1.98 billion last year.

Chris Fleisher is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or cfleisher@tribweb.com.

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(c)2014 The Pittsburgh Tribune-Review (Greensburg, Pa.)

Visit The Pittsburgh Tribune-Review (Greensburg, Pa.) at www.triblive.com

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Source: Pittsburgh Tribune-Review (PA)


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