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Stock impact report

PNC Financial Q3 Earnings Beat Estimates as NII & Fee Income Rise Y/Y [Yahoo! Finance]

PNC Financial Services Group, Inc. (The) (PNC) 
Last pnc financial services group, inc. (the) earnings: 4/15 06:41 am Check Earnings Report
Company Research Source: Yahoo! Finance
In the prior-year quarter, the company reported EPS of $3.49. Results were aided by a rise in net interest income (NII) and fee income. Rising loan and deposit balances, along with a decline in provisions for credit losses, were other positives. However, an increase in expenses acted as a spoilsport. Net income (GAAP basis) was $1.82 billion, which jumped 21.1% from the prior-year quarter. PNC Financial's Revenues & Expenses Rise Y/Y Total quarterly revenues were $5.91 billion, up 8.9% year over year. The top line surpassed the Zacks Consensus Estimate by 1.4%. NII was $3.65 billion, which rose 6.9% from the year-ago quarter. The net interest margin (NIM) increased 15 basis points to 2.79%. Our estimate for NII and NIM was $3.66 billion and 3.00%, respectively. Non-interest income increased 12.1% year over year to $2.3 billion. The improvement was driven by a rise in all the components of fee income, except for residential and commercial mortgage income. Our estimate was $ Show less Read more
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