PNC announces record $6.9 billion Q2 revenue

• PNC generated a record $6.9 billion in total revenue and reported a second-quarter net income of $2.1 billion.
• The financial institution increased its quarterly common dividend by 18% to $2 per share and returned $1.3 billion to shareholders.
• The company stated that the recent completion of the FirstBank customer and branch integration will support ongoing operational leverage.

PNC (NYSE:PNC) reported a second-quarter net income of $2.1 billion and a record total revenue of $6.9 billion.

This revenue figure represents a 12% sequential increase and a 21% year-over-year jump driven by higher net interest and fee income.

The bank finalized the operational conversion of FirstBank customers, employees, and physical branch locations as of late June.

The company recorded a $448 million gain from a Visa exchange program that was largely offset by $127 million in FirstBank integration costs and other financial adjustments.

Management reported that total average loans grew 4% to $363.2 billion while overall credit quality metrics improved across the portfolio.

The board of directors also raised the quarterly common dividend by 18% to $2 per share and expects future share repurchases to approximate recent levels.