Daily News: January 15, 2018

New Tax Legislation Accounts for 65% of PNC Y/Y Earnings Increase

PNC Financial reported full year 2017 record net income of $5.4 billion was up $1.4 billion or 35% from $4.0 billion a year earlier. PNC noted that 65%, or $911 million, of the increase resulted from the impact of new federal tax legislation. Total 2017 revenue of $16.3 billion was up 7.7% from $15.2 billion a year earlier.

“By just about any measure, 2017 was a successful year for PNC,” said PNC Chairman, President and CEO William S. Demchak. “We grew loans and deposits and added customers across our businesses, continued to focus on expense management and generated record fee income for the year, as well as in the fourth quarter. The year ended with a benefit from the new tax legislation, giving us increased flexibility as we continue to invest in our businesses, communities and our employees which helps drive our Main Street banking model. We executed on our strategic priorities throughout the year, including our technology initiatives and the expansion of our middle market franchise into new markets. As we enter the new year, we believe we are firmly positioned to create long-term value for our shareholders.”