What changed
Q2 revenue hit a record $6.875B, up 11% QoQ and 21% YoY, driven by record net interest income of $4.107B (up 4% QoQ) and fee income of $2.279B (up 10% QoQ). Adjusted diluted EPS was $4.85, beating $4.32 last quarter, with ROTCE of 17.9%. PNC raised its quarterly dividend 18% to $2.00 per share and completed the FirstBank conversion on June 22.
Why it matters
Q2 revenue hit a record $6.875B, up 11% QoQ and 21% YoY, driven by record net interest income of $4.107B (up 4% QoQ) and fee income of $2.279B (up 10% QoQ). Adjusted diluted EPS was $4.85, beating $4.32 last quarter, with ROTCE of 17.9%. PNC raised its quarterly dividend 18% to $2.00 per share and completed the FirstBank conversion on June 22.