PNC Bank reports slight slip in earnings

The PNC Financial Services Group Inc., the Pittsburgh-based parent company of PNC Bank, reported third quarter net income of $1.0 billion, or $1.79 per share, compared with net income of $1.1 billion, or $1.99 per share, for the same period a year ago.

The company operates branches in the Milwaukee market.

“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 Demchak, president and chief executive officer. “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. We continued to strengthen our capital position in the quarter and control expenses as we work to create long-term shareholder value.”

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