The PNC Financial Services Group Reports Better Than Expected Q3 Results

The PNC Financial Services Group, Inc. (NYSE:PNC) reported its Q3 results, with EPS of $3.78 coming in better than the Street estimate of $3.72. Revenue was $5.55 billion, compared to the Street estimate of $5.41 billion.

The operating trends were very much what was seen with other large branch-based banks, with nice operating leverage kicking in as a result of net interest income (NII).

According to the analysts at Oppenheimer, the results included $122 million of reserve builds, which penalized EPS by approximately $0.23. Thus, the analysts would put core economic EPS at approximately $4.01/share, or about 6% better than their estimate, which was on a comparable basis.