PNC Financial Posts Lower 3Q Earnings

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

By Will Feuer PNC Financial Services posted lower earnings for the third quarter as the sluggish M&A market and lower trading activity weighed on...

PNC Financial Services posted lower earnings for the third quarter as the sluggish M&A market and lower trading activity weighed on non-interest income, and higher funding costs squeezed net interest income.

The Pittsburgh-based bank posted third-quarter net income of $1.55 billion, or $3.60 a share, down from $1.62 billion, or $3.78 a share, in the same period last year. Analysts surveyed by FactSet were expecting earnings of $3.10 a share. Revenue fell to $5.23 billion from $5.55 billion. Analysts surveyed by FactSet were expecting revenue of $5.32 billion.Net interest income slipped about 2% from a year ago to $3.42 billion, while non-interest income fell 12% from last year to $1.82 billion.

The bank provisioned $129 million for credit losses, compared with $241 million a year ago and $146 million in the second quarter.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PNC reportedly cutting jobs but company remains mum on the number of people affectedSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Source: MarketWatch - 🏆 3. / 97 Read more »

PNC cutting jobs but company remains mum on the number of people affectedSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Source: MarketWatch - 🏆 3. / 97 Read more »