PNC Financial Services Group (PNC) Reports Record Net Income for 2013
Shares of PNC Financial Services Group Inc. (PNC) closed with a gain of +0.84 or +1.08 percent to $78.84 per share on Wednesday, ahead of reporting earnings this morning which beat analyst estimates by $0.22 per share. The company reported early this morning full year 2013 net income of $4.2 billion, or $7.39 per diluted common share, compared with net income of $3.0 billion or $5.30 for its fiscal year 2012.
Fourth quarter net income was $1.1 billion, or $1.85 per diluted common share, compared with net income of $1.0 billion, or $1.79 per share for the third quarter of 2013 and $1.24 or $719 million for the same period one year ago.
Pittsburgh, Pennsylvania based PNC Financial Services Group Inc. is a U.S. financial services company with regional banking franchises in 19 states and the District of Columbia and one of the nationâ s largest commercial real estate lender. The company has more than 2,700 branches, 7,400 ATM machines and online and mobile services. PNC is the fifth largest U.S. bank by total branches and sixth by total assets. The +46 percent increase in fourth quarter net income was in part due to increased loans and improved credit quality from regional banks. William S. Demchak, president and chief executive officer said â
Published on Jan 16, 2014
By Jay Hawk