The PNC Financial Services Group, Inc. today reported third quarter financial results.
Key highlights include:
- Converted BBVA USA customers, employees, systems, and branches as of October 12, 2021
- Third-quarter results reflect full quarter benefit from BBVA USA
- Second-quarter results include one month impact of BBVA USA which closed on June 1, 2021
- Diluted EPS as adjusted was $3.75, excluding $243 million of pre-tax integration costs related to BBVA USA
- Revenue increased 11% linked quarter driven by the full quarter benefit of BBVA USA and strong fee income growth
- Expenses increased 18% linked quarter. PNC legacy expenses increased 3% linked quarter, reflecting increased business activity
- Provision recapture of $203 million, reflecting improved credit quality and changes in portfolio composition
- Average loans and deposits increased 14% and 13%, respectively, linked quarter due to the full quarter benefit of BBVA USA
- Strong credit performance; net loan charge-offs of $81 million, decreased $225 million linked quarter
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
