PNC Revenue Rises, Profit Declines on Merger Costs
15 Ottobre 2021 - 01:38PM
Dow Jones News
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)
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