PNC’s NPLs hit $2.8 billion post BBVA USA acquisition
BBVA USA add-on made up 31% of consolidated NPLs in Q2
PNC’s non-performing loans (NPLs) hit $2.8 billion in the second quarter, up $641 million from the end of March. The increase came after the lender completed its acquisition of BBVA’s US arm for $11.6 billion.
Legacy NPLs at the US lender stood at $1.91 billion in Q2, down 10.75% compared with the previous quarter. BBVA USA added a further $871 million – amounting to 31% of total NPLs.
Total loans increased by $57.7 billion to $294.7 billion following the acquisition. PNC’s NPL ratio – NPLs
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