PNC Reports Second Quarter 2020 Net Income Of $3.7 Billion, $8.40 Diluted EPS, Reflecting Gain On BlackRock Sale
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UPDATE: PNC Financial Services (PNC) Reports Q2 EPS of $8.40, Reflecting Gain On BlackRock Sale; Q2 Revenues Miss
July 15, 2020 6:54 AM EDT(Updated - July 15, 2020 6:56 AM EDT)
PNC Financial Services (NYSE: PNC) reported Q2 EPS of $8.40, versus $0.51 reported last year. Revenue for the quarter came in at $4.08 billion versus the consensus estimate of $4.11 billion.
Income Statement Highlights - Continuing Operations
Second quarter 2020 compared with first quarter 2020
Results from continuing operations reflected a loss of $744 million, a decrease of $1.5 billion due to a higher provision for credit losses.Provision for credit losses increased to $2.5 billion for the second quarter compared with $914 million for the first quarter due to the significant estimated economic... More