PNC reports second quarter income of $505 million
July 18th, 2008
PNC Financial Services Group Inc., Pittsburgh's largest bank, reported second quarter net income of $505 million or $1.45 per diluted share, a 19 percent increase over the same period in 2007 with net income of $423 million or $1.22 per share.
Revenue increased 19 percent to $2.04 billion, beating average analysts' predictions of $1.94 billion or $1.16 per share. A 32 percent increase in net interest income helped PNC (NYSE:PNC) to post strong results, "growing revenue faster than expenses while continuing to manage credit risk effectively," Chairman and CEO James Rohr said in a statement.
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