Daily News: January 17, 2013

PNC Reports Y/Y Q4 Profit 46% Higher


PNC Financial reported 2012 net income of $3.0 billion compared with 2011 net income of $3.1 billion. Fourth quarter 2012 net income was $719 million compared with $493 million or 46% higher versus the same quarter in 2011. PNC said earnings were boosted by the sale of a portion of its stake of Visa Class B common shares.

Highlights from the news release included:

  • PNC was successful in 2012 in growing and deepening customer relationships across its businesses and geographies through new client acquisition and cross sales.

  • Corporate & Institutional Banking continued to focus on building client relationships and adding new clients with attractive risk-return profiles. For the full year, 1,061 new corporate banking primary clients were added.
  • Residential Mortgage Banking loan origination volume in 2012 increased to $15.2 billion reflecting growth of 33% over 2011.

    “PNC expanded its businesses significantly in 2012,” said James E. Rohr, chairman and chief executive officer. “Our balance sheet strength along with our committed employees allowed us to grow customers, loans and deposits across our franchise and expand into Southeastern markets. While we are pleased with the progress we have made, our financial results do not yet reflect the full potential from our investments. Our commitment to revenue growth, expense reduction and efficient capital management in 2013 should position PNC to deliver even greater shareholder value.”

    To read PNC Financial’s news release click here.