PNC Financial´s loan loss provisions to energy companies fall in Q3

PNC Financial Services saw net income improve versus the prior period alongside lower loan loss provisions to energy companies.

Pittsburgh, Pennsylvania-based PNC said net income fell by 9% year-on-year during the third quarter of 2016 to reach $1.0bn, for earning per share of $1.84.

Nevertheless, that was still better than the $1.78 which analysts had been calling for and EPS of $1.82 in the second quarter.

Profits over the three months to June stood at $989m.

Total revenues increased 1% to $3.8bn versus the same quarter of 2015, with net interest income improving 1% $2.1bn thanks to an additional day in the 2016 quarter and higher earning assets, offset by lower yields.

Non-interest income edged higher by just $0.8m to $1.7bn, driven by higher fees.

Noninterest expenses also increased by 1% or $34m to hit $2.4bn.

Credit loss provisions fell by $40m to $87m, "primarily attributable to stabilization of the energy related portfolio," the company said in a statement.

As of 1309 BST shares in the mid-Atlantic lender were edging higher by 0.07% to $88.00.