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PNC FINANCIAL SERVICES GROUP (PNC)
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PNC Financial Services : Beats Expectations With a 24% Rise in Profit -- WSJ

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07/14/2018 | 08:48am CEST

By Christina Rexrode

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (July 14, 2018).

PNC Financial Services Group Inc. posted better-than-expected second-quarter earnings Friday, boosted by an increase in lending and a lower tax rate.

Profit at the Pittsburgh-based bank rose 24% to $1.35 billion, from $1.09 billion a year ago.

Per-share earnings were $2.72. That beat the $2.58 per share expected by analysts polled by Thomson Reuters.

The stock rose 33 cents to $138.32 Friday, bucking the downward trend of most other banks. PNC is the first major regional bank to report second-quarter earnings.

, bucking the downward trend of most other banks. PNC is the first major regional bank to report second-quarter earnings.

In an interview, CEO Bill Demchak expressed optimism about the economy and said that talk of a trade war and tariffs so far hadn't impacted his bank's customers.

"We have clients who are winners and clients who are losers depending on tariffs that we impose and tariffs that are imposed in response to ours, " Mr. Demchak said. "But we haven't seen any slowdown at all in pipeline or activity or interest levels."

Commercial lending grew 3% from a year ago. That business is a key revenue driver for midsized banks like PNC, and analysts will try to discern if PNC's results there set the tone for other banks. Growth in that category has been disappointing throughout much of the industry, despite a recent pickup. PNC, which has long focused on the business, has been expanding it to new cities and has fared relatively well.

Consumer lending grew 1% from a year ago.

PNC also benefited from higher interest rates, which allow it to charge more on loans. Net interest income grew 7% from a year ago. The bank's net interest margin, a key measure of lending profitability, also grew. The Federal Reserve has raised short-term rates seven times since late 2015.

Total deposits were up 2%. Some regional banks have struggled to grow customer deposits against competition from bigger, more tech-savvy banks. The bank decreased the amount it set aside for possible credit losses.

Like other banks, PNC benefited from the tax law that last year slashed the corporate tax rate to 21% from 35%. PNC said its effective tax rate in the second quarter was 18%, compared to 26% a year ago.

Write to Christina Rexrode at [email protected]

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Financials ($)
Sales 2018 17 251 M
EBIT 2018 6 736 M
Net income 2018 5 039 M
Debt 2018 -
Yield 2018 2,40%
P/E ratio 2018 13,29
P/E ratio 2019 12,27
Capi. / Sales 2018 3,83x
Capi. / Sales 2019 3,65x
Capitalization 66 063 M
Chart PNC FINANCIAL SERVICES GRO
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PNC Financial Services Gro Technical Analysis Chart | PNC | US6934751057 | 4-Traders
Technical analysis trends PNC FINANCIAL SERVICES GRO
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 159 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
William Stanton Demchak Chairman, President & Chief Executive Officer
E. William Parsley Chief Operating Officer & Executive Vice President
Robert Q. Reilly Chief Financial Officer & Executive Vice President
Steven C. van Wyk Executive VP, Head-Technology & Innovation
Deborah Guild Chief Information & Security Officer
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