PNC Financial reports drop in quarterly earnings

Pittsburgh-based PNC Financial Services Group Inc., which has branches in the Milwaukee market, reported third-quarter net income of $826 million, or $1.55 per share, down from $1.09 billion, or $2.07 per share, for the same period a year ago.
The prior-year period benefited from a $328 million, or 62 cents per share gain, related to the sale of PNC Global Investment Servicing.
PNC Financial’s provision for loan losses – money set aside to cover souring loans – dropped to $261 million from $486 million.
“PNC’s results for the third quarter were driven by strong performance across our businesses and markets as we continued to grow customers, loans and deposits," said James Rohr, chairman and chief executive officer of PNC Financial. "We increased capital and managed risk by improving overall credit quality. We are managing expenses effectively so we can further invest in products and services. Despite softness in the economy, we believe our business model will continue to deliver quality growth in the future."