PNC Financial Services Group Inc. (PNC), the seventh-largest U.S. bank by deposits, said third-quarter profit climbed 11 percent as mortgage revenue helped drive an increase in non-interest income.
Net income was $925 million, or $1.64 per share, compared with $834 million, or $1.55, a year earlier, the Pittsburgh- based bank said today in a statement. That missed by two cents a share the average estimate of 32 analysts surveyed by Bloomberg.
PNC, led by Chief Executive Officer Jim Rohr, 63, said last month it expects 2013 revenue to exceed this year's total. The lender expects an increase in fee income, particularly from new customers, Rohr told investors at a conference in September. PNC's shares gained 9.1 percent this year through yesterday, compared with a 28 percent advance in the 24-company KBW Bank Index. (BKX)
"We continued to increase the number of customers we serve resulting in revenue and loan growth," Rohr said in the statement. "We also remained focused on controlling costs while investing for the future and managing risk and capital."