PNC Financial's 3Q earnings rise 12%
According to MarketWatch, PNC Financial Services Group's (PNC) third-quarter earnings increased 12% as loan growth and improved credit quality buoyed the lender's profitability.
Overall, PNC, one of the largest lenders in commercial real estate, reported a profit of $1.04 billion up from $925 million a year earlier. The latest period included a 10-cent per-share tax gain on the sale of Visa Class B shares.
On a per-share basis, which reflects the payment of preferred dividends, earnings rose to $1.79 from $1.64.
Total revenue slipped 4.1% to $3.92 billion. Noninterest income was roughly flat while net interest income, the revenue from lending and investing, fell 6.9%.