PNC Q2 2020 Earnings Report

PNC's earnings were impacted by increased provision for credit losses, driven by the economic downturn. The company divested its entire holding in BlackRock and reclassified BlackRock's activity to discontinued operations.

Key Takeaways

PNC Financial Services Group reported a net income of $3.655 billion for the second quarter of 2020, which includes a gain on sale of BlackRock shares of $4.3 billion. Excluding discontinued operations, the company experienced a net loss from continuing operations of $744 million. The results were significantly impacted by a large provision for credit losses of $2.463 billion.

Net income attributable to common shareholders was $3.592 billion, or $8.40 per diluted common share.

The company completed the sale of its BlackRock shares for $14.2 billion, resulting in a gain of $4.3 billion.

Provision for credit losses was $2.463 billion, reflecting the economic impact of COVID-19.

Total revenue was $4.076 billion.

Total Revenue

$4.08B

Previous year: $4.44B