Third Quarter ETF Profit Up on Higher Commission Income, Another Reversal of Loan Loss Provisions | Local

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Loan income was $ 234.2 million, up 2.3% from the second quarter and 17.2% higher than a year ago.

Commission revenue reached a record $ 88.9 million, up 11.4% from the second quarter and 11% from a year ago.

The largest increase was $ 12.5 million in capital markets revenues, compared to $ 7 million in the second quarter and $ 8.2 million a year ago.

Service charges were $ 31.7 million, up from $ 29.7 million in the second quarter and $ 24.3 million a year ago.

Vincent Delie Jr., president, CEO and chairman of FNB, said the bank “has delivered strong fundamental performance resulting in record revenues of $ 321 million”.

“The team has done an outstanding job in executing our strategic plan, as evidenced by our growing diversity of revenue streams and our ability to deliver two consecutive quarters of single digit loan growth, excluding program loans. paycheck protection.

“As we approach the end of the year, we are well positioned to benefit from our investments in technology and the continued strong activity of our customers in all of our markets,” said Delie.

Janney Montgomery Scott analyst Brian Martin said that “the pace of our (profit) estimate was due to better income, both net interest and commission income, and lower provisions, which more than made up for slightly higher expenses “.

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