PNC Profit Beats View as Revenue Edges Higher

PNC logoRegional banker PNC Financial Services Group Inc (NYSE:PNC) this morning posted market-beating third quarter earnings results, as the company saw solid growth in all business segments.

The Pittsburgh-based company reported third quarter earnings of $1.0 billion, or $1.84 per share, up 1.1% from $989 million, or $1.82 per share, in the year-ago period. On average, Wall Street analysts expected lower earnings of $1.78 per share.

Revenue for the latest quarter rose 1% to $3.83 billion, which was in-line with the consensus estimate.

Other notes from the release included:

  • Net interest income rose 1% to $2.1 billion.
  • Noninterest income of edged higher to $1.7 billion.
  • Noninterest expenses rose 1% to $2.4 billion.
  • Provisions for credit losses was $87 million, down $40 million from last year.

From the press release:

“PNC delivered another good quarter,” said William S. Demchak, chairman, president and chief executive officer. “We grew revenue and managed expenses, loans and deposits increased, and capital levels were strong. Looking ahead, we continue to lay the groundwork for greater efficiencies and revenue growth to deliver positive operating leverage and create long-term shareholder value.”

PNC-2016-10-14

PNC shares were unchanged in premarket trading Friday. Prior to today’s report, PNC had fallen 7.73% year-to-date, versus a 4.48% gain in the benchmark S&P 500 index in the same period.