PNC gains after big earnings beat

|About: PNC Financial Services G... (PNC)|By:, SA News Editor

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.

Shares +2.1% premarket.