PNC Financial reported Q3/17 earnings of $1,126 million, up 11.9% from $1,006 million in Q3/16. Total revenue of $4.1 billion increased by 8% compared to Q3/16 and 2% compared to Q2/17.
Loans grew $3.1 billion to $221.1 billion at September 30, 2017 compared with June 30, 2017. Commercial lending balances increased $2.8 billion reflecting growth in PNC’s real estate, corporate banking, business credit and equipment finance businesses.
Provision for credit losses increased $32 million compared with the second quarter and included $10 million related to Hurricanes Harvey and Irma. Loan growth and seasonal consumer loan credit trends contributed to the increase.
“PNC continued to win new clients and grow both loans and deposits in the third quarter on the strength of our relationship-based business model and the quality of our product offering,” said William S. Demchak, chairman, president and CEO. “Net interest income increased and our margin expanded as we benefited from higher short-term rates and our well-positioned balance sheet. We continue to focus on disciplined expense management even as we invest in our businesses, and we believe we have additional opportunities to drive further growth and efficiency over the long term.”
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