PNC Financial Services (NYSE: PNC) reported Q3 EPS of $1.79, $0.08 better than the analyst estimate of $1.71. Revenue for the quarter came in at $3.84 billion versus the consensus estimate of $3.79 billion.

Income Statement Highlights

• PNC continued to execute on its strategic priorities as reflected in the results for the third quarter which included strong fee income, well-controlled expenses and overall credit quality improvement.
• Net interest income of $2.1 billion in the third quarter decreased $25 million, or 1 percent, compared with the second quarter due to lower earning asset yields, lower investment securities balances and the impact of increasing the company's liquidity position.
• Noninterest income of $1.7 billion increased $56 million, or 3 percent, compared with the second quarter.
  • Growth in fee income was attributable to higher asset management revenue, corporate service fees and service charges on deposits as the businesses remained focused on deepening client relationships and product penetration.
• Noninterest expense of $2.4 billion for the third quarter increased $29 million, or 1 percent, compared with the second quarter in line with expectations as disciplined expense management continued.
  • PNC has completed actions as of September 30, 2014 to achieve its full-year 2014 continuous improvement savings goal of $500 million.
• Provision for credit losses declined to $55 million for the third quarter from $72 million in the second quarter as overall credit quality continued to improve.

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