PNC: FY Net Income of $4.2 Billion a New Record
PNC Financial Services reported full-year 2013 net income of $4.2 billion was 40% higher compared with 2012 net income of $3.0 billion.
Fourth quarter 2013 net income was $1,061 million, up 48% from $719 million for the fourth quarter of 2012. PNC said fourth quarter results reflected loan and deposit growth, strong fee income, overall credit quality improvement and continued disciplined expense management.
The bank said loans grew $2.8 billion, or 1%, to $196 billion at December 31, 2013 compared with September 30, 2013. Total commercial lending grew $2.7 billion, or 2%, primarily in real estate and other specialty lending businesses including public finance.
“PNC reported record net income for 2013,” said William S. Demchak, president and chief executive officer. “These results validate the strategy that we’ve been executing. As the new year begins, PNC has a strong balance sheet along with a clear set of strategic priorities that position us to continue to deliver for all of our constituencies even as the economic and regulatory climates continue to evolve.”
To read the full PNC earnings report click here.