Summary
PNC Financial Services Group, Inc. (PNC) reported solid financial results for the nine months ended September 30, 2014. Net income attributable to common shareholders increased slightly to $2,959 million from $2,941 million in the prior year period. Diluted earnings per common share were $5.45, a slight decrease from $5.49 in the same period last year, impacted by a higher share count. The company demonstrated improved asset quality, with nonperforming assets decreasing and net charge-offs significantly lower year-over-year. Total assets grew to $334.4 billion, driven by increases in deposits and loans, while capital ratios remained strong, with the pro forma fully phased-in Basel III Common Equity Tier 1 capital ratio reaching 10.1%. PNC continued to execute its capital plan, returning capital to shareholders through dividends and share repurchases.
Financial Highlights
32 data points| Revenue | $3.84B |
| Interest Expense | $224.00M |
| Net Income | $1.04B |
| EPS (Basic) | $1.82 |
| EPS (Diluted) | $1.79 |
| Shares Outstanding (Basic) | 529.00M |
| Shares Outstanding (Diluted) | 537.00M |
Key Highlights
- 1Net income attributable to common shareholders increased slightly to $2,959 million for the first nine months of 2014, compared to $2,941 million in the prior year period.
- 2Diluted earnings per common share were $5.45 for the first nine months of 2014, down from $5.49 in the prior year period, influenced by a higher share count.
- 3Asset quality improved, with nonperforming loans to total loans decreasing to 1.30% from 1.58% at the end of 2013, and net charge-offs to average loans (annualized) falling to 0.16% in the third quarter of 2014 from 0.47% in the third quarter of 2013.
- 4Total assets grew to $334.4 billion at September 30, 2014, up from $320.2 billion at December 31, 2013, driven by increases in interest-earning deposits with banks and loans.
- 5Total deposits increased to $226.3 billion at September 30, 2014, up from $220.9 billion at December 31, 2013, primarily due to growth in transaction deposits.
- 6Capital ratios remained strong, with the pro forma fully phased-in Basel III Common Equity Tier 1 capital ratio increasing to an estimated 10.1% at September 30, 2014 from 9.4% at December 31, 2013.
- 7PNC returned capital to shareholders by increasing the quarterly common stock dividend to $0.48 per share and repurchasing $583 million of common stock in the second and third quarters of 2014.