The PNC Financial Services Group, Inc. (NYSE:PNC) unveiled its second quarter earnings results on Wednesday 15th July 2020 before market open.
The diversified financial service provider, reported $ 8.40 income per share for the quarter, reflecting gain on BlackRock sale.
On comparable basis, The PNC Financial Services Group, Inc. reported loss for the quarter of $ 1.90 per share, missed the consensus estimate of $ 0.51 income per share by $ 2.41 or 472.55 percent.
The firm had revenue of $ 4,076.00 million for the quarter, compared to the consensus estimate of $ 4106.27 million. The revenues fell short of analysts estimates by $ 30.27 million or 0.74 percent.
The financial report showed revenues contracted 3.30 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Bill Demchak, PNC Chairman, President and Chief Executive Officer, said, During this remarkable period in the midst of the pandemic and economic downturn, PNC has remained steadfast in our commitment to our customers, communities, employees and shareholders. While our pre-provision results for the second quarter were good in the context of a lower rate environment and business headwinds, the uncertainty in the economy related to the pandemic resulted in a substantial loan loss reserve build. The monetization of our BlackRock investment and recent CCAR results underscore the strength of our balance sheet. Our book value per share increased significantly, and PNC is very well positioned with substantial capital and liquidity flexibility to continue to support our constituents and capitalize on opportunities that may arise during these challenging times.
