PNC Financial Services (NYSE:PNC)
Historical Stock Chart
2 Months : From Sep 2019 to Nov 2019
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 email@example.com
(END) Dow Jones Newswires
October 16, 2019 07:14 ET (11:14 GMT)
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