Daily News: July 17, 2013

PNC Q2 Earnings Double on Lower Mortgage Charges

PNC Financial Services reported net income of $1.1 billion in the second quarter was up from net income of $546 million for the second quarter of 2012. The bank noted that the provision for residential mortgage repurchase obligations in Q2/13 was substantially reduced from the same quarter in 2012.

The company said net income for the first six months was $2.1 billion compared to $1.4 billion for the same period in 2012.

PNC said total revenue for the quarter was $4.0 billion, up from $3.6 billion or 12% in the second quarter 2012. The company said the increase in revenue was driven by higher noninterest income and asset sales and valuations.

“PNC’s second quarter results reflect the progress we’re making in the execution of our strategic priorities,” said William S. Demchak, president and chief executive officer. “We grew revenue on the strength of noninterest income, benefited from market conditions and remained disciplined on expense management. Overall credit quality continued to improve and our strong capital position should enable us to create greater long-term value for our shareholders.”

To read the entire PNC Financial news release, click here.