PNC Financial Services Group this morning reported third-quarter profit climbed 10 percent from a year ago as the Pittsburgh region's biggest bank held down expenses and set aside less to cover bad loans.
Profit was $966 million, up from $876 million in the third quarter last year. Per-share profits rose 9 percent to $1.79 from $1.64.
Revenue skidded 4 percent to $3.92 billion, down from $4.09 billion as net interest income, essentially profit on loans, slid 7 percent.
The provision for credit losses was $137 million, down 40 percent from $228 million a year earlier.
"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," CEO William Demchak said in a statement.
Top executives were set to discuss third-quarter results, which were reported before the opening of the stock market, in a conference call with analysts at 10 a.m. today.
Patricia Sabatini: firstname.lastname@example.org or 412-263-3066. First Published October 16, 2013 4:55 AM