July 17, 2019 / 10:51 AM / a month ago

PNC Financial beats profit estimates on rise in interest income, loans

(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

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