PNC Financial Services Group Posts Higher 3Q Revenue
October 16 2019 - 07:29AM
Dow Jones News
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 dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 16, 2019 07:14 ET (11:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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