The Minneapolis company reported higher quarterly earnings thanks to strong performance in credit cards, investment management and other fee-based business lines.
The Birmingham, Ala., company's profit climbed 8% as as higher market interest rates and investment securities balances offset lower average loan balances.
The Columbus, Ga,, company also announced late Monday that it is buying the credit card assets and brokered deposits of the retailer Cabela's and will then sell the card portfolio to Capital One.
The Trump administration's proposed budget would cut discretionary funding for the Department of Agriculture, which could affect a key agency lending program. Bankers are urging legislators to maintain, or even increase, funding.
Net income climbed 13% as as the Fed's hike improved loan yields and the stock market’s surge boosted returns from PNC’s stake in BlackRock, the world’s largest asset manager.
