Key highlights include:
- Closed the acquisition of BBVA USA on June 1, 2021
- Second-quarter results include one month impact of BBVA USA
- Adjusted EPS was $4.50, excluding the initial provision for credit losses and integration costs related to BBVA USA
- Revenue increased 11% linked quarter driven by the BBVA USA acquisition and strong PNC legacy noninterest income growth
- Expenses increased 18% linked quarter including integration expenses, increased business activity, and litigation reserves
- Provision for credit losses was $302 million, as a provision recapture of $704 million was more than offset by a $1.0 billion initial provision for BBVA USA
- Total loans and deposits increased 24% and 21%, respectively, linked quarter due to the BBVA USA acquisition
- Solid credit performance; acquired net loan charge-offs of $248 million were primarily due
PNC Chairman, President, and Chief Executive Officer William S. Demchak and Chief Financial Officer Robert Q. Reilly held a conference call for investors at 10:00 a.m. this morning.
Here's the PNC release on this occasion
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.