PNC Financial reported Q3/18 net income of $1.40 billion on revenue of $4,357 million, compared to $1.13 billion and $4,125 million, respectively, for the same quarter in 2017. Earnings per share of $2.82 compared to analysts’ estimates of $2.72.

PNC noted average loans increased $.7 billion in the third quarter to $223.3 billion compared with the second quarter. Average commercial lending balances grew $.2 billion primarily in PNC’s equipment finance and business credit businesses. Loan growth was moderated by substantial payoff volumes.

Commenting on Q3 performance, Bill Demchak, PNC chairman and CEO, said, “PNC delivered another good, consistent quarter. We grew average loans and deposits and continued to add new clients. Net interest income and our margin and fee income increased. We’re experiencing success with our national initiative to expand our middle market capabilities in faster growing markets, and we launched our national retail digital strategy with a high yield savings offer to be supported by an ultra-thin retail network. Looking ahead, we’re positioned to drive growth and efficiency over the long term.”