PITTSBURGH: The PNC Financial Services Group, Inc. announced net income of $4.2 billion for 2014, or $7.30 per diluted common share, versus 2013 net income of $4.2 billion, or $7.36 per diluted common share.
Fourth quarter 2014 net income was $1.1 billion, or $1.84 per diluted common share, compared with $1.0 billion, or $1.79 per diluted common share, for the third quarter of 2014 and $1.1 billion, or $1.87 per diluted common share, for the fourth quarter of 2013. Fourth quarter results reflected higher revenue and noninterest expense compared with the third quarter, stable credit quality, and included solid underlying fee income and disciplined expense management.
William S. Demchak, chairman, president and chief executive officer, said, “PNC had a successful year in 2014. We added customers, grew loans and deposits, increased fee income and capital, and reduced expenses. While the near-term revenue environment remains challenging, I like how we are positioned heading into 2015. We are a year further into the execution on our strategic priorities and continue to make important progress across the board. We enjoy a strong capital position. We have a more liquid balance sheet. And we expect our continued execution to drive long-term shareholder value.”
Net interest income of $2.1 billion in the fourth quarter decreased slightly by $7 million compared with the third quarter as lower purchase accounting accretion was partially offset by higher core net interest income. Noninterest income of $1.9 billion for the fourth quarter increased $113 million, or 7 percent, compared with the third quarter and included higher gains on asset dispositions, including a $94 million gain on the sale of PNC’s Washington, D.C. regional headquarters building.
