PNC 3Q Revenue Rises on National Expansion

Dow Jones10-15 18:47

Kelly Cloonan

PNC Financial Services Group recorded higher revenue in the latest quarter, boosted by efforts to push further into key markets and expand its footprint.

However, the metric came in short of Wall Street's estimates, and profit was dented by $36 million in integration costs tied to PNC's acquisition of FirstBank.

PNC posted a third-quarter profit of $2.1 billion, or $4.97 a share, compared with $1.82 billion, or $4.35 a share, a year earlier.

Adjusted earnings per share were $5.09, compared with analyst estimates of $4.98, according to FactSet.

Revenue gained 11% from a year earlier to $6.56 billion, short of analyst estimates of $6.61 billion.

Net interest income climbed 15% year-over-year to $4.21 billion due to commercial loan growth, PNC's acquisition of FirstBank and lower funding costs. Noninterest income rose 4%, to $2.36 billion.

Total loans at the end of the quarter were up 16% at $378.8 billion.

Provision for credit losses rose to $189 million from $167 million.

Chief Executive Bill Demchak said the company's efforts to push further into key markets and expand its reach nationally are driving growth.

"We are well positioned, and remain confident in our long-term outlook," Demchak said.

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Noninterest income rose 4%, to $2.36 billion.Total loans at the end of the quarter were up 16% at $378.8 billion.Provision for credit losses rose to $189 million from $167 million.Chief Exe","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"NHLD":"National Holdings Corporation"},"translate_title":"PNC 第三季度收入因全国扩张而增长","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NHLD":1.5},"content_text":"Kelly Cloonan \n\n\n \n\n\n  PNC Financial Services Group recorded higher revenue in the latest quarter, boosted by efforts to push further into key markets and expand its footprint. \n\n\n  However, the metric came in short of Wall Street's estimates, and profit was dented by $36 million in integration costs tied to PNC's acquisition of FirstBank. \n\n\n  PNC posted a third-quarter profit of $2.1 billion, or $4.97 a share, compared with $1.82 billion, or $4.35 a share, a year earlier. \n\n\n  Adjusted earnings per share were $5.09, compared with analyst estimates of $4.98, according to FactSet. \n\n\n  Revenue gained 11% from a year earlier to $6.56 billion, short of analyst estimates of $6.61 billion. \n\n\n  Net interest income climbed 15% year-over-year to $4.21 billion due to commercial loan growth, PNC's acquisition of FirstBank and lower funding costs. 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