© Reuters.
PNC Financial Services Group Inc. (NYSE:) reported a decrease in its third-quarter earnings on Friday, due to a stagnant merger and acquisition (M&A) market and reduced trading activity. The bank’s non-interest income fell by 12%, and higher funding costs led to a 2% decrease in net interest income, which amounted to $3.42 billion.
The bank’s net income for the quarter stood at $1.55 billion, or $3.60 per share, down from last year’s $1.62 billion or $3.78 per share. Despite the drop, the results surpassed FactSet analysts’ projection of $3.10 per share.
Revenue for the quarter fell to $5.23 billion, down from the prior year’s $5.55 billion, falling short of forecast of $5.32 billion.
The bank also reported a 4% year-on-year decline in average deposits to $422.5 billion and set aside $129 million for credit losses, indicating a cautious approach toward potential defaults in the future.
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