Latest news with #PNCFinancialServices
Globe and Mail
7 days ago
- Business
- Globe and Mail
PNC Financial Services Reports Strong Q2 2025 Earnings
PNC Financial Services ( (PNC)) has released its Q2 earnings. Here is a breakdown of the information PNC Financial Services presented to its investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. PNC Financial Services Group, Inc., a leading diversified financial services institution in the United States, offers a wide range of retail and business banking services, including corporate banking, real estate finance, and wealth management. In its second quarter of 2025 earnings report, PNC Financial Services announced a net income of $1.6 billion, with a diluted earnings per share (EPS) of $3.85. The company reported strong loan growth, a 4% increase in revenue, and stable credit quality, alongside a 10-cent increase in its quarterly common stock dividend to $1.70 per share. Key financial metrics for the quarter included a 2% increase in net interest income to $3.6 billion, driven by loan growth and asset repricing, and a 3% rise in fee income. PNC's efficiency ratio improved to 60%, and the tangible book value per share increased by 4% to $103.96. The company maintained a strong capital position with a CET1 capital ratio of 10.5% and returned $1 billion to shareholders through dividends and share repurchases. PNC's balance sheet reflected a 2% growth in average loans, primarily due to a 4% increase in commercial and industrial loans, while average deposits grew by $2.3 billion. The company's credit quality remained stable, with a decrease in net loan charge-offs and nonperforming loans. The allowance for credit losses was slightly increased to $5.3 billion. Looking ahead, PNC's management remains optimistic about its growth strategy, emphasizing customer acquisition and deepening existing relationships. The company expects continued loan and revenue growth, supported by a strong franchise and controlled expenses, despite an uncertain macroeconomic environment.
Globe and Mail
09-07-2025
- Business
- Globe and Mail
PNC Launches New Digital Direct Deposit: A Move to Boost Fee Income?
PNC Financial Services Group PNC is making efforts to increase its direct deposit market share by automating the payroll deposit switch process for consumers. This will likely help the company to bolster its fee-based income. The bank unveiled a new feature, PNC Direct Deposit, designed to enable customers to automatically set up direct deposits for payroll, Social Security payments, or other regular income through the PNC Mobile app. PNC Direct Deposit is an integrated experience that provides clients with a seamless and streamlined option to update or change their direct deposit preferences with just a few clicks, eliminating the need to fill out forms or make phone calls. It combines the roles of the employer, payroll provider, and bank into a single digital interface. The solution has been developed in partnership with the account-switching fintech Atomic. The new digital solution eliminates the need for users to manually enter routing and account numbers, thereby minimizing the risk of user errors and payment delays. PNC's Management Remarks on PNC Direct Deposit Alex Overstrom, head of Retail Banking, stated that, "This integrated direct deposit solution is just another example of how PNC is continuously enhancing and improving the client experience." Overstrom further added, "By embedding direct deposit functions directly within the mobile app, our clients can seamlessly update and manage their direct deposit preferences without the hassle of filling out paperwork and finding routing and account numbers." How Does PNC's Direct Deposit Boost Fee Income? By allowing customers to easily set up and manage their deposits using the mobile app, PNC Direct Deposit serves as a strategic tool to deepen customer relationships and positions itself to capitalize on increased engagement with fee-generating products and services. As more customers centralize their finances with PNC, the bank stands to gain from increased adoption of services that carry associated fees, ultimately supporting its broader goal of expanding its non-interest income base. PNC's Zacks Rank & Price Performance Over the past year, PNC shares have gained 20.4% year to date compared with the industry 's growth of 34.1%. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Similar Steps by Other Finance Firms In June 2025, U.S. Bancorp USB entered a partnership with Fiservto integrate its Elan Financial Services credit card program into Fiserv's Credit Choice solution. The collaboration aims to enhance digital card issuance capabilities, providing financial institutions with a seamless, integrated experience. The integration of Elan's credit card program into Fiserv's Credit Choice solution strengthens USB's digital-first strategy. This integration will enable consumers and small businesses to access both debit and credit card account details within a unified digital platform. Likewise, in May 2025, Deutsche Bank DB collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company. DB reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions. Further, the collaboration with finaXai is expected to expand Project DAMA 2 significantly — Deutsche Bank's public-permissioned multi-chain asset servicing pilot. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Yahoo
03-07-2025
- Business
- Yahoo
PNC Bank Announces $200 Million Fund To Build 2000 Affordable Housing Units Nationwide
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Beleaguered Americans struggling with high apartment rents are about to get a measure of relief from PNC Multifamily Capital, a division of PNC Financial Services Group (NYSE: PNC). The Pittsburgh-based regional bank recently announced the formation of a fund that will invest over $208 million to develop and renovate affordable multi-family rental housing throughout the country. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — The fund, known as the Low-Income Housing Tax Credit Fund 98, and PNC will use investor capital to develop more than 2,000 units in 15 communities spread across 11 states. The states where the communities will be located include: Alabama California Hawaii Illinois Kentucky Minnesota Nevada Ohio Oregon Pennsylvania Texas PNC said in a statement that Fund 98 will draw capital from numerous sources, including PNC, multiple insurance companies, and two investors who have not previously been involved with affordable housing. The U.S. Department of Housing and Urban Development website describes its Low Income Housing Tax Credit program as "the most important resource for creating affordable housing in the United States today." The program was established as part of the Tax Reform Act of 1986, which allocates an annual $10.5 billion distribution to state and local housing authorities in the form of tax credits. State and local agencies use these tax credits to incentivize real estate developers, landlords, and property owners to operate and acquire affordable housing. Renters and low-income families have become increasingly vulnerable to the spikes in housing costs nationwide. Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. . These spikes in housing costs are attributable to the rapid appreciation in property values. Rising property values are great for real estate investors, but they also bring the law of unintended consequences into play. Increased acquisition and construction costs mean developers can only make returns by focusing on the high-income segment of the market. That creates an imbalance of luxury development and puts low-income families at an increasing risk of homelessness. Almost every big city in the 11 states where PNC's 98 fund will operate is struggling with a lack of affordable housing. The state and local housing authorities employ the tax credit in several ways. Some developers build entire communities dedicated to affordable housing that rely exclusively on the tax credits. Other developers who operate in the luxury sector may also offer a designated number of affordable tax-credit units in exchange for construction approval. , 'The LIHTC Fund 98 closing illustrates PNC Multifamily Capital's continued and long standing commitment to financing new and improved affordable housing across the country,' Megan Ryan, senior vice president and manager of Tax Credit Equity Syndication for PNC Multifamily Capital, said in the statement. PNC is an established player in this sector. PNC Multifamily Capital currently manages 133,000 units that account for $15.5 billion worth of low-income housing tax credits. That experience can be an important asset in this heavily-regulated sector. PNC's newest fund will certainly not solve the housing affordability problem in the states where it will own and operate properties. However, a concentrated effort and continued commitment from the investment community could go a long way towards alleviating America's affordable housing crisis. In the meantime, there will be 2,000 fewer families in need of affordable housing, and that's certainly a plus. Read Next: With Point, you can Image: Shutterstock This article PNC Bank Announces $200 Million Fund To Build 2000 Affordable Housing Units Nationwide originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Daily Mail
14-06-2025
- Business
- Daily Mail
Trump's tariffs threaten to derail US factory revival
President Donald Trump 's tariff policies are posing a threat to the revival of US manufacturing. A push for a 'Made in America' renaissance has been a key priority for the White House , with particular focus on the American Rust Belt. But companies are warning how turmoil and confusion around Trump's trade wars is slowing the progress made in reinvigorating American factories. The latest jobs report revealed that manufacturing jobs declined by 8,000 last month - the most this year so far. Anxiety is high in the Midwest, which remains home to the largest concentration of US manufacturing jobs — despite losing tens of thousands of workers to offshoring in the early 2000s. 'Overall, it is going to be a drag on the US economy ,' Gus Faucher, chief economist for PNC Financial Services Group in Pittsburgh, told Bloomberg . 'In particular, it's going to be a drag on the Midwestern economy.' US factory activity also contracted in May for the third month in a row. The Midwestern states of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin lost almost 2 million manufacturing jobs between 1998 and 2010, Bloomberg reported. This was due to companies looking to cheaper production and labor outside the US - in China in particular. In recent years, a cautious optimism had returned, as supply chain shocks from the pandemic pushed some companies to bring production back to the US. But frequent changes and uncertainty around where Trump's tariff policy is headed has 'got people spooked,' Andrew Anagnost, CEO of Autodesk, told the outlet. The company sells software used by manufacturers to design factories and improve processes. 'The current operating mode is just the death to long-term investment,' he said. While construction projects that were already underway are still going ahead, he added, confusion about the future is stalling new work. Some states are harder hit than others by tariff plans. Illinois, for example, will see a 16 percent increase in effective tariff rate on manufacturing inputs, according to the National Association of Manufacturers . This means that the total cost of importing goods used in production increases, which could lead to reduced profits, supply chain shocks or higher prices for consumers. Minnesota will also see a 16 percent increase, while Missouri is facing a 15 percent hike. The sense of uneasiness is particularly strong in the automotive industry, which is facing 50 percent tariffs on steel imports, a measure Trump announced at an appearance at Irvin Works , a steel plant outside the Pittsburgh city limits in West Mifflin, last month. Kenosha, Wisconsin-based company Snap-on provides tools used by car mechanics. Its CEO told Bloomberg that while the company can manage the impact of tariffs as it mostly serves US customers with domestically-made products, auto shop workers are 'confidence poor.' Nicholas Pinchuk said customers are worried about economic disruption even if they are fans of the President. 'They're still big Trump fans. This is Trump territory. They believe in where we're going, but they're worried that something's going to happen,' he said. Even companies that stand to benefit from tariffs are expressing anxiety about what the future might hold. Ross Widmoyer, CEO of textile manufacturing company Faribuault Mill, told the outlet he has been getting calls from retailers looking for a producer in the US. But he is still concerned that the trade wars could impact economic growth. 'If there's a slowdown in consumer spending, it doesn't matter if you're making products domestically or overseas, and that's not good for anybody,' Widmoyer, who is also chairman of the Minnesota Manufacturers' Council, said. The Trump administration has pointed to announcements from major companies of planned investment in the US as proof the policies are working.
Daily Mail
14-06-2025
- Business
- Daily Mail
Panic in Trump heartland as tariffs choke investment
President Donald Trump's tariff policies are posing a threat to the revival of US manufacturing. A push for a 'Made in America' renaissance has been a key priority for the White House, with particular focus on the American Rust Belt. But companies are warning how turmoil and confusion around Trump's trade wars is slowing the progress made in reinvigorating American factories. The latest jobs report revealed that manufacturing jobs declined by 8,000 last month - the most this year so far. Anxiety is high in the Midwest, which remains home to the largest concentration of US manufacturing jobs — despite losing tens of thousands of workers to offshoring in the early 2000s. 'Overall, it is going to be a drag on the US economy,' Gus Faucher, chief economist for PNC Financial Services Group in Pittsburgh, told Bloomberg. 'In particular, it's going to be a drag on the Midwestern economy.' US factory activity also contracted in May for the third month in a row. The Midwestern states of Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin lost almost 2 million manufacturing jobs between 1998 and 2010, Bloomberg reported. This was due to companies looking to cheaper production and labor outside the US - in China in particular. In recent years, a cautious optimism had returned, as supply chain shocks from the pandemic pushed some companies to bring production back to the US. But frequent changes and uncertainty around where Trump's tariff policy is headed has 'got people spooked,' Andrew Anagnost, CEO of Autodesk, told the outlet. The company sells software used by manufacturers to design factories and improve processes. 'The current operating mode is just the death to long-term investment,' he said. While construction projects that were already underway are still going ahead, he added, confusion about the future is stalling new work. Some states are harder hit than others by tariff plans. Illinois, for example, will see a 16 percent increase in effective tariff rate on manufacturing inputs, according to the National Association of Manufacturers. This means that the total cost of importing goods used in production increases, which could lead to reduced profits, supply chain shocks or higher prices for consumers. Minnesota will also see a 16 percent increase, while Missouri is facing a 15 percent hike. The sense of uneasiness is particularly strong in the automotive industry, which is facing 50 percent tariffs on steel imports, a measure Trump announced at an appearance at Irvin Works, a steel plant outside the Pittsburgh city limits in West Mifflin, last month. Kenosha, Wisconsin-based company Snap-on provides tools used by car mechanics. Its CEO told Bloomberg that while the company can manage the impact of tariffs as it mostly serves US customers with domestically-made products, auto shop workers are 'confidence poor.' Nicholas Pinchuk said customers are worried about economic disruption even if they are fans of the President. 'They're still big Trump fans. This is Trump territory. They believe in where we're going, but they're worried that something's going to happen,' he said. Even companies that stand to benefit from tariffs are expressing anxiety about what the future might hold. Ross Widmoyer, CEO of textile manufacturing company Faribuault Mill, told the outlet he has been getting calls from retailers looking for a producer in the US. But he is still concerned that the trade wars could impact economic growth. 'If there's a slowdown in consumer spending, it doesn't matter if you're making products domestically or overseas, and that's not good for anybody,' Widmoyer, who is also chairman of the Minnesota Manufacturers' Council, said. The Trump administration has pointed to announcements from major companies of planned investment in the US as proof the policies are working. For example, Volkswagen's CEO confirmed last month that the company is looking to make a 'massive' US investment. Oliver Blume, VW's top boss, said he has been in contact with members of the Trump administration, including US Commerce Secretary Howard Lutnick. His strategy to shield VW from steep tariff costs appears two-fold: maintain open communication with US officials and continue ramping up investment in American businesses.
