Banking company The PNC Financial Services Group, Inc. (NYSE: PNC) on Friday reported higher earnings and revenues for the third quarter of 2022. The company’s stock declined soon after the announcement.
Net income attributable to common shareholders was $1.56 billion or $3.78 per share in the September quarter, compared to $1.42 billion or $3.30 per share in the same period of last year. Adjusted earnings increased to $3.78 per share from $3.75 per share last year.
The bottom line benefitted from a 7% growth in total revenues to $5.55 billion. Net interest income grew 14%, while noninterest income increased modestly.
Check this space to read management/analysts’ comments on PNC’s Q3 2022 earnings
“Our third quarter results reflected continued strong momentum across the expanded PNC footprint. We grew loans and revenue, our net interest margin increased and expenses remained well controlled, resulting in substantial positive operating leverage. Our credit quality metrics and capital levels remain solid and we continue to be well positioned for ongoing success,” said Bill Demchak, CEO of PNC Financial.