PNC Q3 Profit Up 11% on Higher Revenue
PNC Financial Services 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. PNC said strong earnings for the third quarter were driven by customer growth, higher revenue and disciplined credit and expense management.
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.
Total revenue for the third quarter was $4.1 billion, up from $3.6 billion sequentially and $3.5 billion for the third quarter 2011. PNC said third-quarter 2012 total revenue continued to reflect strong client fee income and included a gain on sale of a portion of PNC’s investment in Visa shares.
“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.”
To read the PNC Financial Services news release, click here.