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PNC Financial Third Quarter Profit Rises 11% to $925 Million

October 16, 2012, 06:53 AM
Filed Under: Corporate Earnings
Related: PNC Financial

The PNC Financial Services Group, Inc. reported net income of $925 million for the third quarter of 2012 compared with $546 million for the second quarter of 2012 and $834 million for the third quarter of 2011. For the first nine months of 2012 the company earned net income of $2.3 billion compared with $2.6 billion for the first nine months of 2011.

Income Statement Highlights

  • Strong earnings for the third quarter were driven by customer growth, higher revenue and disciplined credit and expense management.
  • Corporate & Institutional Banking continued to execute on strategic initiatives, including in the Southeast, by organically growing and deepening client relationships that meet appropriate risk/return measures. Approximately 775 new corporate banking primary clients were added in the first nine months of 2012.
  • Provision for credit losses declined to $228 million for the third quarter compared with $256 million for the second quarter.

Balance Sheet Highlights

  • Total commercial lending increased $1.1 billion, or 1 percent, over the second quarter.
  • Overall credit quality improved during the third quarter of 2012 compared with the second quarter. Nonperforming assets of $4.0 billion at September 30, 2012 declined $.2 billion, or 4 percent.

"PNC reported excellent results for the third quarter with 2012 shaping up to be another good year," said James E. Rohr, chairman and chief executive officer. "On the strength of our products, brand and execution we continued to increase the number of customers we serve resulting in revenue and loan growth. We also remained focused on controlling costs while investing for the future and managing risk and capital. As a result, PNC is well positioned to continue to create shareholder value."

Read the full Q3 earnings press release.

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