PNC Financial Services Group Posts Higher 3Q Revenue

   By Dave Sebastian 
 

PNC Financial Services Group (PNC) reported a higher third quarter revenue as net income edged lower.

Revenue at one of the country's largest regional banks was $4.49 billion, up from $4.36 billion in the comparable quarter last year. Analysts polled by FactSet were expecting $4.41 billion in revenue.

During the quarter, the Pittsburgh-based bank posted a profit of $1.31 billion, compared with $1.32 billion a year earlier. Per-share earnings were $2.94, up from $2.82 in the prior year. Analysts expected $2.80 a share.

Net interest income rose to $2.5 billion from $2.47 billion a year ago. Noninterest income rose to $1.99 billion from $1.89 billion.

PNC's provision for credit losses rose to $183 million during the quarter, compared with $88 million in the same period last year.

Net interest margin--an important measure for banks that highlights their lending profitability--was 2.84%, more than the 2.99% reported in the comparable quarter a year ago.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

October 16, 2019 07:14 ET (11:14 GMT)

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