The Dallas bank reported sizable growth in business and mortgage lending in the second quarter, but it more than doubled its provision for loan losses to cover four credits that went into nonaccrual status.
The Minnesota company's profits rose by double digits despite some challenges in the second quarter, and its CEO says it will be expanding its digital offerings to simplify banking for customers.
Declines in corporate banking and energy loans were part of the reason loan growth was light, but the Dallas bank reported strong earnings thanks heavily to fatter margins.
Citigroup's traders underperformed their peers at JPMorgan, and Citi's U.S.-branded card revenue fell. Its global business performed well, but the looming trade war presents uncertainty.
PNC revealed the plan as part of its report of strong second-quarter results, and CEO Bill Demchak said it is an example of the regional bank's growth-oriented investments.
CEO Jess Staley had been reducing the bank's investment in its African subsidiary as he sought to conserve capital and rebuild Barclays' investment bank.
