The PNC Financial Services Group, Inc. reported a net income of $1.643 billion, or $3.85 per diluted share, for the second quarter of 2025, marking a 10% increase from the previous quarter's net income of $1.499 billion. The company's total revenue for the quarter reached $5.661 billion, a 4% increase from $5.452 billion in the first quarter of 2025. This growth was primarily driven by a rise in both net interest income, which increased by 2% to $3.555 billion, and noninterest income, which rose by 7% to $2.106 billion, largely due to Visa-related activities and higher card and cash management revenue.
In comparison to the same period last year, PNC's net income increased by 11% from $1.477 billion in the second quarter of 2024, while total revenue rose by 5% from $5.411 billion. The increase in net interest income was attributed to loan growth and the benefits of fixed-rate asset repricing. The provision for credit losses was $254 million for the quarter, up from $219 million in the first quarter of 2025, reflecting net charge-offs and a net increase in the allowance for credit losses due to macroeconomic changes.
Strategically, PNC participated in the Visa exchange program, converting its Visa Class B-1 common shares into Visa Class B-2 and Class C shares, resulting in a gain of $754 million. The company also repositioned its investment securities portfolio, selling low-yielding securities for net proceeds of $3.8 billion, which led to a loss of $497 million. The total assets of PNC stood at $559.1 billion as of June 30, 2025, with total loans increasing by 3% to $326.3 billion compared to the end of 2024.
Operationally, PNC's customer engagement metrics showed a stable performance, with total deposits remaining relatively unchanged at $426.7 billion. The bank's common equity tier 1 capital ratio was reported at 10.5%, consistent with the previous quarter. PNC's outlook for the third quarter of 2025 anticipates a 1% increase in average loans and a 3% rise in net interest income, while total revenue is expected to grow by 2% to 3%. The company remains focused on managing risks and capital while continuing to invest in its customer relationships and technology to enhance service delivery.
About PNC FINANCIAL SERVICES GROUP, INC.
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