PNC shares gain after higher commercial lending leads to better-than-expected earnings report

Earnings


Shares of PNC Financial Services rose nearly 2 percent in premarket trading Friday after beating estimates in its second-quarter earnings report.

The regional bank reported earnings of $2.72 per share, beating estimates from analysts surveyed by Thomson Reuters by 14 cents. PNC also posted better-than-expected revenue, bringing $4.32 billion, compared to $4.25 billion expected.

PNC showed growth across several key metrics compared to the same quarter a year ago, reporting an increase in both commercial and consumer lending, up 3 percent and 1 percent, respectively, as well as net interest income, which rose 7 percent.

PNC stock has risen over 10 percent in the past year, as of Thursday’s close at $137.99 per share.



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