Jamie Kelter Davis/Bloomberg
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Pittsburgh-based PNC Financial Services Group boosted revenue and kept credit losses in check, but third-quarter earnings fell 4% from a year ago.
Revenue rose to $5.4 billion from $5.2 billion a year ago, driven by higher noninterest income. Noninterest income climbed 11%.
“Fee income increased $232 million, driven by growth in capital markets and advisory revenue,” PNC said in a press release Tuesday. “Other noninterest income decreased $25 million primarily reflecting negative Visa derivative fair value adjustments of $128 million in the third quarter of 2024 compared to negative $51 million in the third quarter of 2023.”
Card and cash management income of $698 million rose 1% from a year ago but was down slightly from June 30 in the wake of PNC’s decision to
Net interest income was steady at $3.4 billion.
For the third quarter, net income fell to $1.51 billion, or $3.49 a share, from $1.57 billion, or $3.60 a share, a year ago.
“Our results for the third quarter demonstrate PNC’s continued strong momentum across the franchise,” Chairman and CEO Bill Demchak,

“We increased tangible book value, grew customers and continued to strengthen our capital levels,” Demchak said. “We remain well positioned to capitalize on opportunities and achieve record [net interest income] in 2025.”
PNC increased its provision for credit losses to $243 million from $129 million a year ago. Net loan charge-offs totaled $286 million, up from $121 million a year ago. The increase was due in part to lower commercial loan recoveries.
Average loans and average deposits were flat, at $319.6 billion and $422.1 billion, respectively.
Noninterest expenses rose to $3.3 billion from $3.2 billion, primarily due to a 5% increase in personnel costs, although the number of employees fell to 55,249. PNC a year ago announced plans to
Average borrowed funds increased 13% to $76.1 billion, “primarily driven by parent company senior debt issuances, partially offset by lower Federal Home Loan Bank borrowings,” PNC said.