PNC reports lower 4Q profits

The PNC Financial Services Group Inc. today reported fourth quarter net income of $1.1 billion, or $1.84 per diluted share, down from $1.1 billion, or $1.87 per diluted share, in the fourth quarter of 2013.

Fourth quarter revenue was $3.9 billion, down from $4.1 billion in the fourth quarter of 2013.

For the full year, the Pittsburgh-based parent company of PNC Bank reported net income of $4.2 billion, or $7.30 per diluted share, down from $4.2 billion, or $7.36 per diluted share, in 2013.

Full-year revenue was $15.4 billion, down from $16 billion in 2013.

The company significantly decreased its provision for credit losses in 2014, to $273 million, compared with $643 million in 2013, reflecting overall credit quality improvement.

“PNC had a successful year in 2014,” said William Demchak, chairman, president and chief executive officer. “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.”

PNC Bank has 34 branches in the Milwaukee market.

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