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PNC Bank reports second-quarter profit of $1.4 billion

A PNC Bank branch

PNC Bank made $1.4 billion in the second quarter, or $2.88 per share.

The Pittsburgh-based bank, which has branches in Munster, Schererville, East Chicago, Hobart and across the south suburbs, grew its profit by $103 million or 8% in the second quarter.

"PNC had a successful second quarter. Loan growth was strong, both net interest income and noninterest income increased, expenses were well managed, and we generated positive operating leverage," PNC Chairman, President and CEO Bill Demchak said. "The strength of our capital position and consistent performance supports our recently announced 21 percent common stock dividend increase. We are continuing to invest in our businesses to expand and deepen customer relationships, including in new markets, to drive long-term shareholder value."

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The bank grew total revenue by $153 million or 4% to $4.4 billion in the three-month period from April to June. Its noninterest income rose 7% to $1.9 billion, while its fee income increased 5% to $1.6 billion during that period.

Average loans rose 3% to $6.3 billion in the second quarter, as compared to the first quarter. The bank's deposits grew 2% to $5.7 billion quarter over quarter.

PNC Bank recently bought back $2.6 billion in shares and is now pursuing a new share repurchase program of up to $4.3 billion. The bank raised its dividend to $1.15 a share, an increase of 20 cents per share or 21% that's effective in August.

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Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.