PNC’s Profit Beats Forecasts Despite Fall in Net Interest Income

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PNC Financial Services Group posted mixed third-quarter earnings as profit surpassed forecasts but net interest income declined.

PNC (ticker: PNC) reported earnings of $3.60 a share, ahead of the $3.10 per share consensus call among analysts surveyed by FactSet. Revenue for the quarter ended in September came in at $5.23 billion, while analysts had been looking for $5.32 billion.

Net interest income—a closely watched measure of profit among banks—was $3.42 billion, a 2.8% drop from the second quarter. Higher returns on interest- earning assets didn’t make up for increased funding costs the bank had to bear, the firm said.

Analysts had expected $3.41 billion in net interest income.

The stock was wavering between gains and losses in premarket trading Friday.

 Write to Karishma Vanjani at [email protected].

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