PNC Financial 3rd-qtr profit rises on Visa share sale

Tue Oct 16, 2012 6:42am EDT

Oct 16 (Reuters) - PNC Financial Services Group Inc's third-quarter profit rose 11 percent, boosted by the sale of a portion of its stake in debit and credit-card network Visa Inc.

The bank's net income rose to $925 million, or $1.64 per share, in the third quarter, from $834 million, or $1.55 per share, a year earlier.

The Pittsburgh-based bank sold 5 million Visa Class B common shares in the quarter, resulting in a pre-tax gain of $137 million.

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