The PNC Financial Services Group, Inc. (NYSE:PNC) came out with its third quarter earnings results on Wednesday 14th October 2020 before market open.
Key Numbers from third quarter earnings result
Quarterly income of $ 3.39 per share, from the revenue of $ 4,281.00 million
Analysts Estimated revenue of $ 3998.69 million and $ 2.12 income per share
Earnings beat analysts estimates by $ 1.27 or 59.91 percent
Revenues outshined wall street view by $ 282.31 million or 7.06 percent
Earnings grew 15.31 percent compared with the same quarter last year
Revenues increased 0.92 percent versus third quarter of last year.
Bill Demchak, PNC Chairman, President and Chief Executive Officer, stated, PNC delivered solid third quarter results against the backdrop of a continuing uncertain economy. Noninterest income increased, expenses were well managed and we continued to generate positive operating leverage. Deposits grew while loans declined as a result of lower commercial loan utilization rates, despite growth in loan commitments. Our provision for credit losses was significantly less than last quarter, reflecting stable reserve levels.
