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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.