PNC Bank does well in 2Q

PITTSBURGH — PNC Financial Services Group, Inc. reported a nearly 13 percent increase in second-quarter earnings today, easily beating Wall Street expectations.

PNC posted net income of $888 million, or $1.67 per share, for the three months that ended June 30. That was up from $786 million, or $1.47 per share, in the same quarter a year ago.

The Pittsburgh bank said its provision for loan losses — money set aside to cover souring loans — dropped to $280 million, about one-third of the $823 million provision in the year-ago quarter.

PNC recently declared a quarterly common stock cash dividend of 35 cents per share payable on August 5.

Last month, PNC, which has several branches in the Mahoning Valley, said it was buying the U.S. retail operations of Royal Bank of Canada for $3.45 billion. The transaction will bring PNC’s total to 2,870 branches and make it the fifth biggest among U.S. banks.