PNC Financial Services Group, Inc. (NYSE:PNC) shares are trading higher after it reported third-quarter results.
Revenue rose 4% Y/Y to $5.432 billion, beating the consensus of $5.389 billion. Revenue growth Y/Y led by higher noninterest income.
Net interest income remained flat Y/Y at $3.41 billion, with a net interest margin of 2.64%.
Noninterest income grew 11% Y/Y to $2.02 billion, led by higher fee income (+13% Y/Y) thanks to strong capital markets and advisory revenue.
Average loans and average deposits both remained stable Y/Y in the third quarter. EPS of $3.49 topped the consensus of $3.32.
The company reported a provision for credit losses of $243 million in the quarter (vs. $129 million a year ago). ...
