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PNC profit rises despite growing loan losses

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PNC Financial Services Group Inc. announced Thursday morning that it earned $1.01 billion in the fourth quarter, as the company benefited from BlackRock Inc.'s acquisition of Barclays Global Investors.

PNC said it earned $2.17 per share after losing $269 million in the same period a year earlier. The company said it would have earned 90 cents per share excluding a $687 million gain related to the BlackRock acquisition of Barclays Global Investors. PNC is a part owner of the money manager.

The profit and its $5.08 billion in revenue were better than analysts expected, according to Thomson Reuters.

The Pittsburgh-based bank, which has major operations in Indianapolis, said it added more than $1 billion to cover bad loans during the quarter, up 15 percent from the previous three months. But like other banks, it is reporting early signs of improvement in its loan portfolio.

PNC made a major push into central Indiana when it acquired Cleveland-based National City Corp. about a year ago. When the merger was announced, National City was the second largest bank in the Indianapolis area, based on employment and fourth largest by number of branch locations. Seventy-seven of the 172 branches National City operated in Indiana at the time were in the Indianapolis area.

PNC's stock was up 71 cents, at $59.50 per share,  in pre-opening trading.

 

 

 

 

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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