PNC Q3 2021 Earnings Report

PNC's earnings reflected the full quarter benefit of BBVA's acquired business operations, with a net income attributable to common shareholders of $1.42 billion.

Key Takeaways

PNC Financial Services Group reported a strong third quarter, driven by the acquisition of BBVA USA Bancshares, Inc. The bank's net income attributable to common shareholders was $1.42 billion, or $3.30 per diluted share.

PNC acquired BBVA USA Bancshares, Inc. on June 1, 2021, adding $82.2 billion of deposits and $60.5 billion of loans to PNC's Consolidated Balance Sheet.

The bank converted approximately 2.6 million customers, 9,000 employees and nearly 600 branches across seven states, merging BBVA USA into PNC Bank.

Third quarter earnings results reflect the full quarter benefit of BBVA's acquired business operations.

Net interest income increased to $2.86 billion, driven by loan growth and higher investment securities income.

Total Revenue

$5.2B

Previous year: $4.28B