PNC Financial Services Group posted profits of $1 billion, or $2.43 per share, for the second quarter ended June 30 on higher revenue, bolstered by the acquisition of BBVA USA.
Pittsburgh’s biggest bank completed the takeover of Houston, Texas-based BBVA on June 1.
In the same quarter last year, PNC posted profits of $3.6 billion, or $8.40 per share, due to the after-tax gain on the sale of PNC’s stake in money manager Blackrock Inc.
Excluding the Blackrock sale, PNC lost $744 million, or $1.90, in the year-ago period after setting aside a huge provision for loan losses in the midst of the pandemic.
Revenue in the most recent quarter was $4.67 billion, up from $4.08 billion a year earlier.
“PNC had a successful second quarter,” CEO Bill Demchak said in a statement Wednesday. “We are working towards a successful conversion of BBVA USA and are excited about the substantial opportunities for growth and efficiency improvements as we move forward as a combined company.”
Top executives were set to discuss the results with Wall Street analysts at 10 a.m. Wednesday.
Patricia Sabatini: PSabatini@post-gazette.com; 412-263-3066.
First Published: July 14, 2021, 2:15 p.m.
Updated: July 14, 2021, 2:17 p.m.
