PNC reports 3Q income up
PNC reported third quarter 2015 net income of $1.1 billion on Wednesday, or $1.90 earnings per diluted common share, compared with $1 billion of net income and $1.88 diluted EPS in the second quarter of 2015, and $1 billion of net income and $1.79 diluted EPS in the third quarter of 2014.
The third quarter represented PNC’s tenth consecutive quarter with $1billion or more of net income. Net interest income of $2.1 billion was stable.
Noninterest income of $1.7 billion decreased six percent compared with the second quarter primarily due to higher gains on asset sales in the prior quarter. Noninterest income made a strong contribution in the third quarter, representing 45 percent of total revenue.
Noninterest expense of $2.4 billion decreased 1 percent compared with the second quarter.
Provision for credit losses was $81 million compared with $46 million in the second quarter, while overall credit quality remained stable.