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PNC to Expand Middle Market Banking Business to Three New Cities

July 14, 2017, 08:00 AM
Filed Under: Corporate Earnings

PNC Bank has formalized plans to expand its middle market business into the Denver, Houston and Nashville markets in 2018, following expansion to Dallas, Kansas City and Minneapolis in 2017.

The bank announced the news in a release of its second quarter financials, which showed revenue grew $176 million, or 5 percent, to $4.1 billion, and net interest income increased $98 million, or 5 percent, to $2.3 billion.

Total loans grew $5.2 billion as of June 30, 2017 compared with March 31, 2017. Commercial lending balances increased $5.1 billion in PNC's corporate banking, real estate and business credit businesses as well as the equipment finance business, which included the acquisition of a commercial and vendor finance business with $1.0 billion of loans and leases. Consumer lending balances increased $.1 billion as growth in residential mortgage, auto and credit card loans was substantially offset by lower home equity and education loans. Average loans grew $4.1 billion over the first quarter from higher commercial lending balances of $4.4 billion partially offset by lower consumer lending balances of $.3 billion.  

"In the second quarter, PNC grew loans and revenue, and we controlled expenses well," said William S. Demchak, chairman, president and chief executive officer. "We’ve maintained a strong capital position and recently increased our common stock dividend by 36 percent to an all-time high. Our ongoing execution on our strategic priorities across the enterprise has positioned us for continued success in the current credit and interest rate environment, as well as for the long term.”

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