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PNC Financial Q3 EPS up on higher interest rates, lower credit loss provision

Pittsburgh-based PNC Financial Services Group Inc. on Oct. 12 reported third-quarter net income applicable to common shareholders of $1.33 billion, or $2.82 per share, an increase from net income of $1.05 billion, or $2.16 per share, in the same quarter in 2017.

The S&P Global Market Intelligence consensus mean estimate for third-quarter GAAP was $2.72 per share.

Net interest income grew 5% year over year to $2.47 billion, boosted by higher interest rates. Noninterest income went up 6% to $1.89 billion, with asset management revenues increasing 15% to $486 million and corporate services revenues going up 15% to $465 million.

Provision for credit losses decreased to $88 million in the third quarter from $130 million in the year-ago quarter.

Total loans ticked up 1% year over year and barely changed from the linked quarter to $223.1 billion.

Total deposits ticked up 2% from the third quarter of 2017 and barely changed from the linked quarter to $264.9 billion.