PNC reports third quarter profit increase

Coins stacked

Last updated on July 2nd, 2019 at 09:19 am

The PNC Financial Services Group Inc. today reported third quarter net income of $1.1 billion, or $1.90 per share, up from $1 billion, or $1.79 per share, in the third quarter of 2014.Coins stacked

Pittsburgh-based PNC, which has a major PNC Bank branch presence in the Milwaukee market, reported third quarter revenue of $2.1 billion, flat from the same period a year ago.

The company attributed the increased profits to additional noninterest income and its efforts to keep expenses down.

“PNC had a solid third quarter, our tenth consecutive quarter of $1 billion or more in net income, reflecting consistency without the benefit of higher interest rates,” said William Demchak, chairman, president and chief executive officer. “Expenses were down, deposits were up, and we continued to execute on our strategic priorities designed to deepen customer relationships and grow our diverse fee businesses.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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