PNC Financial Services (PNC) said second-quarter profit more than doubled, beating analysts' estimates, as fee revenue surged and the firm set aside less for bad loans.
Net income climbed to $1.12 billion, or $1.99 a share, from $546 million, or 98 cents, a year earlier, the Pittsburgh-based bank said today in a statement. The average estimate of 31 analysts surveyed by Bloomberg was for earnings $1.63 a share.
PNC, led by Chief Executive Officer Bill Demchak since April, has focused on boosting fee revenue by adding clients in its asset-management business and providing more services to customers acquired through last year's acquisition of RBC Bank USA.
"PNC's second-quarter results reflect the progress we're making in the execution of our strategic priorities," Demchak, 50, said in the statement.
PNC fell 0.8% to $74.50 yesterday in New York. The shares have gained 28% this year, outpacing the 25% advance of the 24-company KBW Bank Index.
JPMorgan Chase, the biggest U.S. bank, said last week that second-quarter net income jumped 31% to $6.5 billion as revenue from trading and investment banking outweighed a drop in consumer and community banking. Profit at Wells Fargo, the largest U.S. home lender, rose 19% to $5.52 billion as the San Francisco-based bank trimmed expenses.