PNC Financial reported 2015 net income of $4.1 billion compared with 2014 net income of $4.2 billion. Q4/15 net income was $1 billion, or $1.87 per diluted common share, compared with $1.1 billion for Q4/14. The results exceeded Wall Street expectations of earnings per share of 1.80.

The following highlights were excerpted from the news release:

• Net interest income of $2,092 million in Q4/15 decreased $5 million compared to Q4/14.
• Noninterest Income of $1,781 million in Q4/15 was down from $1,850 million a year earlier.
• The net interest margin of 2.70% in Q4/15 was up from 2.67% sequentially, but down from 2.89% in Q4/14.
• Nonperforming loans of $2,126 million at year-end 2015 were down 15% from $2,510 million a year earlier.

“PNC delivered consistent, quality results and advanced our strategic priorities in 2015,” said William S. Demchak, chairman, president and chief executive officer. “We increased fee income, reduced expenses and managed a strong balance sheet that will benefit from rising interest rates heading into 2016. Our strong capital position enabled us to increase the amount of capital returned to shareholders in 2015. We’re positioned to continue to drive long-term value through our execution in 2016 and beyond.”