PNC Posts $1.1B Net, Tops Estimates

PNC Financial said third-quarter net income rose to $1.1 billion, or $2.07 a share, from $559 million, or $1, a year earlier on improvements in the provision for credit losses.
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TheStreet

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PNC Financial

(PNC) - Get Report

said third-quarter net income rose to $1.1 billion, or $2.07 a share, from $559 million, or $1, a year earlier on improvements in the provision for credit losses.

Earnings in the latest third quarter would have been $837 million, or $1.56 a share, excluding a gain from the sale of PNC Global investment Servicing and certain integration costs.

Analysts surveyed by Thomson Reuters expected PNC to earn $1.36 a share.

PNC said a decline in revenue of $314 million in the quarter was offset by a $337 million decrease in the provision for credit losses from the second quarter.

PNC said net interest income declined $220 million to $2.2 billion, while net interest margin fell 39 basis points to 3.96% from the second quarter on lower purchase accounting accretion, loan sales, continued soft loan demand and the low interest rate environment.

-- Written by Joseph Woelfel

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