S&P 500 (NYSE:SPY) component PNC Financial Services Group,The (NYSE:PNC) reported net income above Wall Street’s expectations for the second quarter. PNC Financial Services Group Inc. offers corporate and institutional banking, retail banking, asset management, residential mortgage banking and global investment services.
Pnc Financial Services Group,The Earnings Cheat Sheet for the Second Quarter
Results: Net income rose to $912 million ($1.67 per share) vs. $803 million ($1.47 per share) in the same quarter a year earlier. This marks a rise of 13.5% from the year earlier quarter.
Revenue: Noninterest income was $1.5 billion last quarter.
Actual vs. Wall St. Expectations: PNC beat the mean analyst estimate of $1.47 per share.
Quoting Management: “PNC continued to deliver strong results in the second quarter, reflecting our accelerating sales momentum and the value of our franchise,” said James E. Rohr, chairman and chief executive officer. “Our earnings in a soft economy benefited from improving credit quality and exceptional customer revenue growth. We are confident in our ability to execute our business model and growth strategies which are designed to drive shareholder value.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 20 cents in the first quarter, by 20 cents in the fourth quarter of the last fiscal year, and by 7 cents in the third quarter of the last fiscal year.
Competitors to Watch: Wells Fargo & Company (NYSE:WFC), Bank of America Corp. (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), JPMorgan Chase & Co. (NYSE:JPM), KeyCorp (NYSE:KEY), Citigroup Inc. (NYSE:C), Regions Financial Corp. (NYSE:RF), BB&T Corporation (NYSE:BBT) and First Horizon National Corp. (NYSE:FHN).
(Source: Xignite Financials)