Pittsburgh-based PNC Financial Services Group Inc. on Oct. 13 posted a 14.1% year-over-year rise in third-quarter profit.
Net income attributable to diluted common shares rose to $1.04 billion, or $2.16 per share, from net income of $913.0 million, or $1.84 per share, in the third quarter of the prior year.
The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was $2.13.
The bank recorded a provision for credit losses of $130.0 million, which included $10 million related to Hurricanes Harvey and Irma. The figure is up from $98.0 million in the previous quarter and $87.0 million a year earlier.
Total revenue for the third quarter was $4.13 billion, up from $4.06 billion and up from $3.83 billion in the previous year. The company's asset management revenue, which included earnings from PNC's equity investment in BlackRock Inc., grew to $421 million from $348 million a year ago.
The company's net interest margin for the quarter was 2.91%, up from 2.84% in the previous quarter and 2.68% last year.
Net charge-offs declined to $106.0 million, from $110 million in the linked quarter and $154.0 million in the year-ago quarter.
At the end of the third quarter, nonperforming assets totaled $2.07 billion, compared to $2.15 billion in the linked quarter and $2.38 billion a year ago.
Total deposits were up to $260.74 billion in the third quarter, compared to $259.18 billion in the second quarter and $259.90 billion a year ago. Total loans grew to $221.1 billion, up from $218.0 billion in the linked quarter and up from $210.4 billion in the year-ago quarter. Commercial lending balances increased $2.8 billion driven by growth in the company's real estate, corporate banking, business credit and equipment finance businesses.