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A $1.5 billion year-over-year increase in home-equity assets was revealed by PNC Bank, N.A. The financial institution’s chief noted that overall credit quality at the firm is strong.
The Pittsburgh-based bank-holding company’s balance sheet reflected $26.200 billion in home-equity loans as of mid-year, according to second-quarter earnings data released Tuesday.
PNC has previously indicated that it only originates home-equity lines of credit, suggesting that its home-equity investments are primarily open-end credit lines.
Home-equity holdings moved marginally lower compared to March 31, when the balance stood at $26.203 billion.
However, home-equity assets were bolstered from June 30, 2022, when PNC owned $24.693 billion in HELOCs.
PNC Chairman, President and CEO Bill Demchak noted in the report, “For the second quarter, PNC delivered solid financial results and maintained strong credit quality metrics.”
Net income of $1.5 billion was off from $1.7 billion in the first quarter and little changed from nearly $1.5 billion in the same three months during 2022.
Demchak added, “In consideration of our strong capital levels and the board’s confidence in our strategy and outlook, in July the board approved a 5 cent increase to our quarterly stock dividend.”
