PNC: Commercial Real Estate Drives 8% Rise in Net Loan Charge-Offs

PNC Financial Services Group saw expected increases in total nonperforming loans and net loan charge-offs in the second quarter.The increases were primarily due to high commercial nonperforming loans and higher commercial real estate (CRE) net loan charge-offs, the bank said in a Tuesday (July 16) earnings release.“The credit environment continues to play out as we’ve expected, including an increase in charge-offs within the CRE office portfolio, where we remain adequately reserved,” William S. Demchak, cha ...