Pittsburgh-based PNC Financial Services Group Inc. today reported first quarter net income of $811 million, or $1.44 per share, down from $832 million, or $1.57 per share, for the same period a year ago.
During the most recent quarter, the parent company of PNC Bank, which has offices in the Milwaukee market, completed the acquisition of RBC Bank (USA), the U.S. retail banking subsidiary of Royal Bank of Canada, on March 2. PNC now has 2,900 branches across 17 states and Washington, D.C.
The company’s commercial lending grew organically by approximately 4 percent reflecting PNC’s focus on long-term, broad-based client relationships.
“PNC had excellent results for the first quarter reflecting strong performance across our markets,” said James Rohr, chairman and chief executive officer of PNC. “Our success in growing revenue is a direct result of our success in growing customers and loans. With the completion of our acquisition of RBC Bank (USA), we plan to leverage our brand and innovative product set to grow market share in the southeast. We are confident that our strong capital levels and our ability to execute will lead to another good year in 2012.”
