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PNC Financial profit tops estimates on higher interest rates

Reuters 

(Reuters) - PNC Financial Services Group Inc on Friday posted a quarterly profit that beat analysts' estimates, driven by higher net interest income and improved fee income, sending shares of the regional lender up more than 1 percent in premarket trade.The growing U.S. economy has triggered demand for loans, which along with rising interest rates has benefited U.S. banks.PNC Financial, one of the largest U.S. lenders by assets, said its loan portfolio grew 2.2 percent to $222.8 billion with commercial lending accounting for nearly 70 percent of total loans.Net income attributable to diluted ...

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First Published: Fri, July 13 2018. 18:28 IST
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