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This statistic highlights PNC Financial Services’ Revenue by Segment, split between Asset management, BlackRock, Corporate and Institutional Banking, Retail Banking, and others segments, reported on a quarterly basis from Q1 2016 onwards.
|Revenue by Segment||Q2 2020||Q1 2021||Q2 2021||Contribution in Q2 2021|
|Corporate & Institutional Banking||$1,790.0||$1,798.0||$1,950.0||42%|
(all figures are in millions, except percentages)
There has been an increase in the total revenue of the company from $4,088 million in Q2 2020 to $4,667 million in Q2 2021, marking a growth of 14.16% on a year-on-year basis. Revenue grew approximately by 10.59% on a quarter-on-quarter basis, from $4,220 million in Q1 2021 to $$4,667 million in Q2 2021. Majority of the company’s revenue is earned through the retail banking and the corporate & institutional banking segments, followed by asset management and other segment. The BlackRock segment now contributes 0% to the total revenue as it was sold off in the fiscal year 2020.
The asset management segment offers services to high net worth clients and has two operating units, PNC Private Bank and Institutional Asset Management. PNC Private Bank offers products and services to high net worth clients such as retirement planning, investment management, estate, tax, cash management solutions, etc. Institutional Asset Management offers services relating to private real estate, cash, fixed income solutions, etc, to its institutional clients such as insurance companies, municipalities, etc.
Revenue generated from this segment increased from $293 million in Q2 2020 to $356 million in Q2 2021, approximately by 21.5% on a yearly basis. Revenue grew by 13.35% quarterly, as compared to $322 million in Q1 2021. The increase was due to the higher average equity market and acquisition of BBVA. This segment contributes 8% to the total revenue of the company.
The company holds equity investments in BlackRock, which is an investment management firm offering a wide range of services to institutional and retail clients. The company sold off its entire holding of BlackRock in 2020, receiving $14.2 billion. The after-tax gain on the sale of the equity was $4.3 billion.
Corporate and Institutional Banking
This segment offers services to mid-sized and large corporations, government, and non-profit organisations. These services include lending loans, treasury management and services related to the capital market.
There has been an increase in revenue from $1,790 million in Q2 2020 to $1,950 million in Q2 2021, growing by 8.94% on a year-on-year basis. Revenue grew by 8.45% quarterly, as compared to $1,798 million in Q1 2021, due to higher merger and acquisition fees and equity market advisory fees. This segment contributes 42% to the company’s total revenue.
It offers products and services to consumers and small businesses. Services are offered via branch networks, ATMs, call centres, mobile applications, or via the company website. The services offered include lending, insurance, brokerage, investment management, residential mortgage, line of credit, etc. It also compromises of non-strategic assets portfolio, which consists of residential mortgage and home equity loans and lines of credit offered to consumer and commercial lending portfolios.
Revenue increased from $1975 million in Q2 2020 to $2203 million in Q2 2021, approximately by 11.54% on a year-on-year basis. Revenue grew by 9.27% on a quarter-on-quarter basis, as compared to $2,016 million in Q2 2021, due to higher usage of credit cards, an increase in merchant service fees, and a growth in brokerage fees. It contributes 47% to the company’s total revenue.
This segment assists the customer to enter into derivative contracts for risk management purposes such as interest rate swaps, foreign exchange contracts, swaptions, etc. The gains and losses on such contracts are included in the company’s other income.
Revenue increased from $30 million in Q2 2020 to $158 million in Q2 2021, growing by a huge 426.67% on a year-on-year basis. Revenue increased approximately by 88.09% on a quarterly basis, as compared to $84 million in Q1 2021.
PNC Financial Services is an American financial services corporation headquartered in Pittsburgh, U.S. It operates in 27 states and is one of the largest banks in the US by assets. The company offers services such as assets management, wealth management, brokerage services, loan servicing, etc, to retailers, small and midsize businesses, and also to ultra-rich institutions. The company is the second-largest bank in terms of the number of branches and 4th largest in the number of ATMs. The common stock of the company is publicly traded on the NYSE under the symbol “PNC” and is a component of the S&P 500 Index.
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