PNC Financial's ( PNC) third-quarter profit jumped 29%, driven by gains in both consumer and institutional banking. The Pittsburgh-based financial firm reported earnings of $334 million, or $1.14 a share, including costs totaling 10 cents a share relating the company's "One PNC" cost-cutting plan announced in July. The results beat the Thomson First Call average analyst estimate of $1.05 a share. A year earlier, PNC earned $258 million, or 91 cents a share. "This was an excellent quarter for PNC," said Chairman and Chief Executive James Rohr in a statement. "Growth in clients, loans and deposits led to robust increases in both net interest income and fees; we made excellent progress in the implementation of our One PNC efficiency initiative; and asset quality continued to be very strong." PNC's acquisition of Riggs National earlier this year helped to boost results. The company's average loans and average deposits each grew 18%, helped by the addition of Riggs customers. PNC's consumer banking division earned $176 million for the quarter, up from $158 million a year ago. The company's institutional banking earnings rose to $118 million from $100 million a year earlier. PNC also benefited from
improved third-quarter results at BlackRock ( BLK). PNC owns 70% of the money manager. At the end of the third quarter, PNC had $93.24 billion in assets, up from $90.79 billion at June 30 and $77.3 billion at the same time last year. PNC shares recently were up $1, or 1.7%, to $58.35.