PNC Financial Services Group Inc. today reported third-quarter earnings of $1.04 billion, or $1.79 per diluted share, a 12 percent increase from the $925 million, or $1.64 a share, posted for the same three months of 2012.
The Pittsburgh-based parent of PNC Bank reduced the amount of money it set aside during the month for bad loans by more than $90 million. The amount is more than the reported earnings gain. In the third-quarter ended Sept. 30, the financial services company put aside $137 million in profits compared to $228 million during the same quarter of last year.
PNC consolidated 62 branches during the quarter and increased its dividend to 44 cents a share from 40 cents the previous year.