PNC Financial Services Group, Inc. (NYSE:PNC) announced third-quarter results that exceeded analyst expectations, driven by growth in both interest and noninterest income.

The bank reported earnings per share of $4.35, surpassing the consensus estimate of $4.05. Simultaneously, its quarterly revenue reached $5.915 billion, exceeding the street’s projection of $5.825 billion.

Financial Performance

PNC’s revenue grew 4% quarter-over-quarter (Q/Q). Net interest income rose 3% Q/Q to $3.6 billion, attributed to fixed-rate asset repricing, loan growth, and an additional day in the quarter.

Also Read: Top Wall Street Forecasters Revamp PNC Financial Expectations Ahead Of Q3 Earnings

The net interest margin was 2.79%, a one basis point Q/Q decrease, influenced by 5% average commercial deposit growth. Noninterest income increased 8% Q/Q to $2.27 billion, driven by higher fees.

Average loans increased 1% Q/Q to $325.9 billion, led by 2% Q/Q growth in commercial and industrial loans. Average deposits of $431.8 billion increased $8.9 billion, ...