Seeking Alpha

PNC gains after big earnings beat

  • We've heard from some of the TBTF banks, but what do the regionals have to say? PNC net income of $1B is down from $1.1B in Q2.
  • Net interest income of $2.2B is off 1% from Q2 as net interest margin of 3.47% fell 9 basis points.
  • Noninterest income of $1.7B is off 6.6% from Q2, with mortgage banking income falling 20% to $193M. Total loans up 2% Q/Q, up 6% Y/Y, led by a 9% increase in commercial lending.
  • Expenses of $2.4B are flat with last quarter and down 9% from a year ago, mostly thanks to charges related to the redemption of trust preferred securities.
  • Tier 1 capital ratio of 10.4% is up from 10.1% last quarter.
  • Conference call at 10 ET.
  • Q3 results, press release.
  • Shares +2.1% premarket.
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