PNC Reports Drop in Second Quarter Earnings Forecasts Modest Growth for Rest of the Year
Pittsburgh based PNC Financial Services Group Inc., which runs the PNC Bank with a major branch in Milwaukee market reported a drop in profits in the second quarter.
The June quarter's net income was $989 million or $1.82 per diluted share. That is down from last year's $1 billion, or $1.88 per share in Q2.
The bank's revenue was $3.8 billion which also slipped two 2 percent from last year's $3.9 billion for the same quarter. According to PNC officials the drop in revenue was linked to global uncertainty and extremely low interest rates. Low interest rates have plagued all U.S banks as it affects their capability to earn money through lending.
The Downtown-based bank just like its peers Wells Fargo and Citigroup, reported drop in profits for the June quarter and mostly they all connect it to hesitant markets after the Brexit vote as well as low interest rates which have not been raised by the Fed after last December.
Officials lowered their full year outlook for PNC pinning on expectations that revenue for the remaining months of this year will be stable and not see any modest growth which was earlier expected.
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