Daily News: July 17, 2017

PNC Plans Middle Market Expansion


PNC formalized plans to expand its middle market business into the Denver, Houston and Nashville markets in 2018.

The expansion plans come after PNC entered the Dallas, Kansas City and Minneapolis markets in 2017.

PNC also released its Q2/17 results. PNC reported net income of $1,097 million – up 11% from last year’s Q2 – and diluted earnings per common share of $2.10.

“In the second quarter, PNC grew loans and revenue, and we controlled expenses well,” said William S. Demchak, chairman, president and CEO. “We’ve maintained a strong capital position and recently increased our common stock dividend by 36% to an all-time high. Our ongoing execution on our strategic priorities across the enterprise has positioned us for continued success in the current credit and interest rate environment, as well as for the long term.”