(Reuters) - PNC Financial Services Group Inc (PNC.N) on Wednesday posted a better-than-expected second quarter profit, helped by a rise in interest income and loans.
PNC, one of the largest regional U.S. lenders by assets, said its loan portfolio grew 6.4% to $237.2 billion, with commercial lending accounting for nearly 70% of total loans.
However, provision for loan losses more than doubled to $180 million in the quarter from a year earlier.
Net interest income rose 3.5% to $2.50 billion, helped by higher interest rates, which the U.S. Federal Reserve has raised twice since the second quarter of last year.
The Pittsburgh, Pennsylvania-based bank's net income attributable to common shareholders rose to $1.31 billion, or $2.88 per share, in the quarter ended June 30, from $1.29 billion, or $2.72 per share, a year earlier. [reut.rs/2YXyxSM]
Analysts had expected a profit of $2.82 per share, according to IBES data from Refinitiv.
Total revenue rose 2.7% to $4.44 billion.
Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel