By Matt Grossman

 

PNC Financial Services Group Inc. logged greater revenue year over year in the third quarter after its acquisition of BBVA USA this spring, but PNC's profit declined as costs from the merger raised non-interest expenses.

The Pittsburgh-based bank company reported earnings of $3.30 a share, compared with $3.39 a share in the year-ago quarter. Analysts were forecasting earnings of $3.35 a share, according to FactSet.

Total net income attributable to shareholders was $1.42 billion, compared with $1.46 billion a year ago.

Revenue rose to $5.2 billion from $4.28 billion a year ago. That included $2.86 billion of net interest income and $2.34 billion of non-interest income. Analysts were expecting net interest income of $10.86 billion and non-interest income of $8.18 billion.

The bank recaptured $203 million that it had previously provisioned for credit losses. The trend reflected improving credit quality, the bank said. Its allowance for credit losses stood at $6 billion, or 2.1% of total loans.

Results included a full quarter of performance from BBVA USA, which PNC acquired in June.

Commercial loans declined in the quarter by 2% to $195.2 billion, amid Paycheck Protection Program loan forgiveness. Consumer loans, at $95 billion, remained mostly stable. More residential mortgage lending was offset by declines in home-equity and auto loans, PNC said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

October 15, 2021 07:23 ET (11:23 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Grafico Azioni PNC Financial Services (NYSE:PNC)
Storico
Da Feb 2024 a Mar 2024 Clicca qui per i Grafici di PNC Financial Services
Grafico Azioni PNC Financial Services (NYSE:PNC)
Storico
Da Mar 2023 a Mar 2024 Clicca qui per i Grafici di PNC Financial Services