PNC Financial Services (NYSE: PNC) reported Q2 EPS of $2.72, $0.13 better than the analyst estimate of $2.59. Revenue for the quarter came in at $4.32 billion versus the consensus estimate of $4.26 billion.

"PNC's second quarter results were strong. We grew fee income and net interest income, expanded our margin, managed expenses well and maintained stable credit quality. Our board recently increased the common stock dividend 27 percent to an all-time high. We are continuing to invest in our businesses, including our middle market expansion and digital offerings, and remain focused on opportunities for growth and efficiency that will create long-term value for our shareholders."Bill Demchak, PNC Chairman, President and Chief Executive Officer

Income Statement Highlights

Second quarter 2018 compared with first quarter 2018

• Net income of $1.4 billion for the second quarter increased 9 percent compared with $1.2 billion for the first quarter, and PNC generated positive operating leverage.
• Total revenue for the second quarter increased $213 million, or 5 percent, to $4.3 billion.
• Net interest income increased $52 million, or 2 percent, to $2.4 billion due to higher loan and securities yields and an additional day in the second quarter partially offset by increased funding costs.
• Net interest margin increased 5 basis points to 2.96 percent.
• Noninterest income increased $161 million, or 9 percent, to $1.9 billion.
• Growth in fee income of $72 million, or 5 percent, reflected seasonality and higher business activity.
• Other noninterest income increased $89 million to $334 million due to higher revenue from private equity investments, and benefits from Visa Class B derivative fair value adjustments and commercial mortgage loans held for sale.
• Noninterest expense increased $57 million, or 2 percent, to $2.6 billion.
• Provision for credit losses was $80 million, a decrease of $12 million reflecting a lower provision for commercial loans.

For earnings history and earnings-related data on PNC Financial Services (PNC) click here.