The PNC Financial Services Group Inc., the parent company of PNC Bank, today reported fourth quarter net income of $1 billion, or $1.87 per share, down from $1.1 million, or $1.84 per share, in the fourth quarter of 2014.
Pittsburgh-based PNC, which has a major PNC Bank branch presence in the Milwaukee market, reported fourth quarter revenue totaling $3.9 billion, flat from the same period last year.
Noninterest income decreased by 5 percent from the fourth quarter of 2014, driven by a 16 percent decrease in residential mortgage.
PNC’s personnel costs increased by 7 percent and equipment costs increased 5 percent from the fourth quarter of 2014 to the fourth quarter of 2015. But the company reduced marketing and other expenses, for a total 6 percent expense reduction year-over-year.
For the full year, PNC reported net income of $4.1 billion, or $7.39 per share, down from $4.2 billion, or $7.30 per share, in 2014.
Full-year revenue totaled $15.2 billion, down from $15.4 billion last year.
“PNC delivered consistent, quality results and advanced our strategic priorities in 2015,” said William Demchak, chairman, president and chief executive officer of PNC. “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.”
