PNC Financial Services (PNC) Posts Q3 EPS of $1.84

October 14, 2016 6:47 AM EDT

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PNC Financial Services (NYSE: PNC) reported Q3 EPS of $1.84, which may not compare with the analyst estimate of $1.78. Revenue for the quarter came in at $3.83 billion versus the consensus estimate of $3.82 billion.

Balance Sheet Highlights

  • Loans grew $1.4 billion, or 1 percent, to $210.4 billion at September 30, 2016 compared with June 30, 2016.
    • Total commercial lending increased $1.1 billion, or 1 percent, primarily in PNC's corporate banking and real estate businesses.
    • Total consumer lending increased $.3 billion due to growth in auto, residential mortgage and credit card loans partially offset by lower home equity and education loans reflecting runoff portfolios.
  • Overall credit quality remained stable with the second quarter.
    • Nonperforming assets of $2.4 billion at September 30, 2016 decreased 6 percent compared with June 30, 2016.
    • Net charge-offs increased to $154 million for the third quarter compared with $134 million for the second quarter.
  • Deposits grew $10.1 billion, or 4 percent, to $259.9 billion at September 30, 2016 compared with June 30, 2016 due to growth in commercial deposits primarily attributable to seasonality.
  • Investment securities of $78.5 billion at September 30, 2016 increased $6.7 billion, or 9 percent, compared with June 30, 2016 commensurate with deposit growth.
  • PNC maintained a strong liquidity position.
    • The Liquidity Coverage Ratio at September 30, 2016 exceeded 100 percent for both PNC and PNC Bank, N.A., above the 2017 fully phased-in requirement of 100 percent.
  • PNC returned $.8 billion of capital to shareholders, or 85 percent of third quarter net income attributable to diluted common shares, through repurchases of 5.9 million common shares for $.5 billion and dividends on common shares of $.3 billion.
    • The August quarterly dividend on common stock reflected an 8 percent increase, or 4 cents per share, to 55 cents per share.
  • PNC maintained a strong capital position.
    • Transitional Basel III common equity Tier 1 capital ratio was an estimated 10.6 percent at both September 30, 2016 and June 30, 2016, calculated using the regulatory capital methodologies applicable to PNC during 2016.
    • Pro forma fully phased-in Basel III common equity Tier 1 capital ratio, a non-GAAP financial measure, was an estimated 10.2 percent at both September 30, 2016 and June 30, 2016 based on the standardized approach rules.

For earnings history and earnings-related data on PNC Financial Services (PNC) click here.



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