PNC Q2 2020 Earnings Report
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.
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PNC Revenue by Segment
Forward Guidance
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Revenue & Expenses
Visualization of income flow from segment revenue to net income