On July 19, Pittsburgh-based PNC Financial Services
- Weakening returns from private equity and trading revenue drove down non-interest income.
- While the company's acquisition of Mercantile contributed significant growth in net interest income, it was partially offset by the impact of a cross-border lease item that lowered interest income on loans.
- The provision for credit losses increased 23%, mainly from growth in total credit exposure.
- Nonperforming assets increased because of higher commercial real estate nonaccrual loans, primarily from Mercantile.
(Figures in millions, except per-share data)
Income Statement Highlights
Q2 2007 |
Q2 2006 |
Change |
|
---|---|---|---|
Total Revenue |
$1,721 |
$1,792 |
(3.9%) |
Net Interest Income |
$738 |
$552 |
33.7% |
Net Profit |
$423 |
$381 |
11.0% |
EPS |
$1.22 |
$1.28 |
(4.7%) |
Get back to basics with a look at the income statement.
Q2 2007 |
Q2 2006 |
Change* |
|
---|---|---|---|
Net Interest Margin |
3.03% |
2.90% |
0.13 |
Efficiency Ratio |
61.00% |
64.00% |
(3.00) |
Nonperforming Assets / Assets |
0.20% |
0.24% |
(0.05) |
Return on Average Assets |
1.38% |
1.64% |
(0.26) |
Return on Average Equity |
11.61% |
17.49% |
(5.88) |
Find out more about bank performance ratios.
Balance Sheet Highlights
Assets |
Q2 2007 |
Q2 2006 |
Change |
---|---|---|---|
Investments |
$31,394 |
$24,404 |
28.6% |
Loans |
$67,276 |
$52,713 |
27.6% |
Liabilities |
Q2 2007 |
Q2 2006 |
Change |
---|---|---|---|
Deposits |
$77,221 |
$63,493 |
21.6% |
Total Liabilities |
$109,777 |
$85,455 |
28.5% |
The balance sheet reflects the company's health.
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