PNC reported net income of $1 billion in third quarter

Staff report

YOUNGSTOWN

The PNC Financial Services Group Inc. on Friday announced third-quarter 2016 net income of $1 billion compared with net income of $989 million in the second quarter of 2016 and $1.1 billion for the third quarter of 2015.

The Pittsburgh-based bank’s revenue increased by $35 million from the second quarter to $3.8 billion.

Loans grew $1.4 billion, or 1 percent, to $210.4 billion quarter to quarter.

Total commercial lending increased $1.1 billion, or 1 percent, primarily in PNC’s corporate bank-ing and real-estate businesses.

Total consumer lending increased $300 million from growth in auto, residential mortgage and credit card loans partially offset by lower home equity and education loans reflecting runoff portfolios.

Deposits grew $10.1 billion, or 4 percent, to $259.9 billion, quarter to quarter.

PNC returned $800 million of capital to shareholders, or 85 percent of third quarter net income attributable to diluted common shares, through repurchases of 5.9 million common shares for $500 million and dividends on common shares of $300 million.

On Oct. 4 the PNC board of directors declared a quarterly cash dividend on common stock of 55 cents per share effective with the Nov. 5 payment date.

The August dividend on common stock was increased 8 percent, or 4 cents per share, to 55 cents per share.