Shares of PNC rose sharply on the news, and were trading at $62.90, up $4.98, at around noon.
The profit amounts to $1.45 per share and compares with net income of $423 million, or $1.22 per share, for last year's second quarter. Total revenue was almost $2.04 billion, also up 19 percent from a year ago.
CEO James E. Rohr said the company grew revenue faster than expenses, while managing its credit risk and focusing on growing customers. "We think revenue growth is going to be strong for the rest of the year," Rohr said during a morning conference call with investors.
PNC lowered its commercial mortgage loans by about 23 percent in the quarter ended June 30, for example. Its residential real estate portfolio is small compared to its total balance sheet, and is centered in the mid-Atlantic states where the mortgage crisis has been milder than in many other areas, Rohr pointed out.
Corporate and institutional banking profits rose to $134 million, from $122 million a year ago.
Earnings from retail banking fell from $222 million a year ago to $140 million this quarter, though the bank is building customer numbers with the Washington, D.C., and Maryland markets emerging as leaders in new sales growth. The bank added 23,000 new checking customers since March 31.
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