Total revenues advanced to $5.92 billion in the September quarter from $5.43 billion in the prior-year period, reflecting growth in both noninterest income and net interest income.
Q3 net income attributable to common shareholders was $1.73 billion or $4.35 per share, compared to $1.40 billion or $3.49 per share in the corresponding quarter last year. Average loans rose modestly by 1% YoY to $325.9 billion, driven by growth in the commercial and industrial portfolio that was partially offset by a decline in commercial real estate loans.
“We delivered another great quarter with better-than-expected financial results and steady client growth across all
our business lines. Fee income grew 9% and expenses were well-controlled, which contributed to another quarter
of positive operating leverage. Credit performed well and we continued to build on our strong capital levels,” Bill Demchak, PNC’s chief executive officer, said.
During the quarter, PNC signed an agreement to acquire FirstBank Holding Company, including its banking subsidiary FirstBank, for implied consideration of $4.1 billion.
