PNC Financial Services third quarter earnings, revenue up as net interest income grows
By Sabela Ojea
PNC Financial Services Group Inc. reported higher third-quarter earnings and revenue on Friday, marked by net growth in interest income that offset a decline in non-interest revenue.
The Pittsburgh-based bank said net income attributable to common shareholders was $1.56 billion, or $3.78 per share, from $1.42 billion, or $3.30 per share, a year earlier. earlier.
Excluding transaction-related costs such as those related to the acquisition of BBVA USA, adjusted earnings were $3.78 per share. Analysts polled by FactSet were looking for adjusted earnings of $3.71 per share.
Revenue reached $5.55 billion, compared to $5.20 billion for the prior year period, beating market expectations. Analysts polled by FactSet expected revenue of $5.42 billion.
Net interest income increased 7% to $3.5 billion, driven by higher yields on interest-earning assets and loan growth, partially offset by funding costs higher.
Non-interest income fell 11% to $2.07 billion due to the acquisition of BBVA USA and higher M&A advisory fees.
The quarter included a provision for credit losses of $241 million, up from $36 million in the second quarter.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix