PNC results boosted by lower expenses

Net interest income of $2.27B falls 7% Y/Y, with NIM of 3.38% down from 3.85% a year ago.

Noninterest income of $1.8B grows 10% Y/Y and 7% from last quarter thanks to a benefit of mortgage repurchase obligations which boosted income by $158M this year after a $254M hit a year ago. Mortgage banking income of $147M falls 42% Y/Y. Asset management income of $364M up 21%.

Noninterest expense of $2.55B falls 10% Y/Y, the comparison helped by some extraordinary charges a year ago. Personnel expenses of $1.2B fall 1%.

Basel Tier 1 common capital ratio of 10.5% vs. 9.6% at the start of 2013. Tangible book value per share of $54.68 vs. $49.18 at the start of the year.

CC at 10 ET

PNC flat premarket

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