PNC Financial reports Q2 EPS $3.36, consensus $3.28

Reports Q2 revenue $5.29B, consensus $5.45B. Reports Q2 tangible book value per share $77.80. Reports Q2 net charge-offs .24%. Reports Q2 CET1 capital ratio 9.5%. The company said, “For the second quarter, PNC delivered solid financial results and maintained strong credit quality metrics, reflecting the power of our national franchise and the competitive positioning of our balance sheet in the current environment. The Federal Reserve’s annual stress test recently demonstrated PNC’s through-the-cycle financial strength and stability, and starting in the fourth quarter, our stress capital buffer requirement will improve to the regulatory minimum of 2.5%. In consideration of our strong capital levels and the board’s confidence in our strategy and outlook, in July the board approved a 5 cent increase to our quarterly stock dividend.”