PNC report $1 billion 3Q 2013 profit
PNC Bank reported a third-quarter profit of $1 billion, or $1.79 per share.
The bank’s earnings report was an improvement from the same period one year ago, when it reported a profit of $925 million, or $1.64 per share, but just under the bank’s profit in the second quarter of 2013, which was $1.1 billion.
In a press release Wednesday, the bank said earnings reflected continued loan growth, an improvement in credit quality, growth in fee-based income and tight-expense management.
“PNC continued to make significant progress on our strategic priorities as we advanced our efforts to deepen relationships with customers in the third quarter,” said William S. Demchak, president and chief executive officer, in a statement. “Even in the face of an environment that is challenging the entire industry, our businesses are successfully growing loans, and we are leveraging our high-quality balance sheet to drive revenue.”
Net interest income, or the difference between the bank’s revenue and liabilities, was $2.2 billion in the third quarter, down 1 percent from the same time last year mainly because the bank paid more interest on deposits.
Loans grew by 2 percent during the quarter to reach $193 billion. Both commercial and consumer lending were up at the bank.
Nonperforming assets and charge-offs, or loans that can’t be collected, declined in the third quarter. That gave a boost to credit quality, but at a slower pace than in the third quarter of 2012.
PNC is the nation’s ninth-largest bank. It is Youngstown’s second-largest bank.