PNC Well Above Estimates Grows loans and Revenue (NYSE: PNC)

NEW YORK - PNC the 6th largest U.S Bank reported Earnings of $834 Million and $1.55 EPS in Third Quarter. For the first nine months of 2011 the company earned net income of $2.6 billion, or $4.79 per diluted common share.

Net interest income of $2.2 billion for the third quarter increased $25 million compared with second quarter 2011. The provision for credit losses declined to $261 million for the third quarter compared with $280 million in the second quarter.

Nonperforming assets declined $183 million, or 4 percent, to $4.3 billion at September 30, 2011 compared with the second quarter. Checking relationships grew organically by 225,000, or 3.5 times the growth in the same period of 2010. Total loans were $155 billion at September 30, 2011 grew $4.2 billion compared with June 30, 2011. Commercial lending grew $3.7 billion and consumer lending increased $.5 billion. Total deposits grew $5.8 billion during the third quarter to $188 billion at September 30, 2011 compared with $182 billion at June 30, 2011.

Total assets were $269 billion at September 30, 2011 compared with $263 billion at June 30, 2011 and $260 billion at September 30, 2010. The increase compared with second quarter primarily resulted from higher loans and investment securities. Total loan originations and new commitments and renewals were approximately $39 billion for the third quarter of 2011 compared with $38 billion for the second quarter of 2011.

Common shareholders' equity increased to $32.6 billion or $61.92 a share. The Tier 1 common capital ratio remained at10.5 because of loan growth.