trending Market Intelligence /marketintelligence/en/news-insights/trending/0nvUMrWIb0U_G3-RnDYVwA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

PNC Q3 net interest margin hit by lower loan yields, higher deposit costs

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments

PNC Q3 net interest margin hit by lower loan yields, higher deposit costs

PNC Financial Services Group Inc. reported third-quarter net income attributable to common shareholders of $1.31 billion, or $2.94 per share, a decrease from $1.32 billion, or $2.82 per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $2.81.

The bank's net interest margin for the third quarter stood at 2.84%, representing decreases from 2.91% in the previous quarter and 2.99% in the year-ago period. PNC said the quarter-over-quarter decrease in NIM was primarily due to lower commercial loan yields, while the year-over-year decrease was due to higher deposit costs, which were partially offset by higher loan yields.

The Pittsburgh-based superregional bank recorded total revenue of $4.49 billion, a 3% increase from $4.36 billion in the same period last year. Net interest income increased 2% on a year-over-year basis to $2.50 billion from $2.47 billion, with PNC attributing this to higher loan and securities balances and loan yields, which were partially offset by higher deposit costs.

Non-interest income increased 5% to $1.99 billion from $1.89 billion.

The bank's provision for credit losses was $183 million, an increase from $88 million in the year-ago period. Net charge-offs jumped to $155 million from $91 million.

Third-quarter total loans were $237.38 billion, compared to $237.22 billion in the previous quarter and $223.05 billion in the year-ago period.

Quarter-end total deposits were $285.58 billion, compared to $273.26 billion in the previous quarter and $264.88 billion in the year-ago period.

Looking ahead, PNC said economic risks are weighted to the downside and forecast one more 0.25-percentage-point cut to the federal funds rate in October.