PNC Shares Rise on Profit Spike

PNC(PNC Quote) blew away Wall Street estimates on Thursday, reporting a profit increase of more than 19% as it grew revenue while managing expenses and risk.

The Pittsburgh-based bank earned $505 million, or $1.45 per share, during the second quarter, up from $423 million, or $1.22 per share, a year earlier. Analysts had expected a profit of $1.16 per share, on average, according to Thomson Reuters.

Lower interest rates and acquisitions pushed PNC's net interest income up 32% to $977 million. Added fees from services and asset management boosted non-interest income 9% to $1.06 billion. ...