PNC Reports Loans, Revenue Growth in Q1/12
PNC Financial reported first-quarter net income of $811 million, compared with net income of $493 million for Q4/11 and $832 million for Q1/11.
Net interest income of $2.3 billion for the first quarter increased 4% compared with the fourth quarter of 2011 driven by loans from the RBC Bank (USA) acquisition, loan growth and lower funding costs. Loans of approximately $15 billion were added in the RBC Bank (USA) acquisition.
“PNC had excellent results for the first quarter reflecting strong performance across our markets,” said James E. Rohr, chairman and chief executive officer. “Our success in growing revenue is a direct result of our success in growing customers and loans. With the completion of our acquisition of RBC Bank (USA), we plan to leverage our brand and innovative product set to grow market share in the southeast. We are confident that our strong capital levels and our ability to execute will lead to another good year in 2012.”
To read the full text of the PNC Financial news release, click here.