The PNC Financial Services Group reported 2012 net income of $3.0 billion compared with 2011 net income of $3.1 billion. Fourth quarter 2012 net income was $719 million compared with $493 million for the fourth quarter of 2011, a 46% increase.
Selected balance sheet highlights from press release:
Loans grew $4.0 billion, or 2%, during the fourth quarter to $186 billion at December 31, 2012 compared with September 30, 2012.
- Total commercial lending increased $3.7 billion, or 4%, over the third quarter primarily in asset-based lending, healthcare, public finance and real estate.
- Total consumer lending increased $.3 billion primarily in automobile loans.
Overall credit quality improved during the fourth quarter of 2012 compared with the third quarter.
- Nonperforming assets of $3.8 billion at December 31, 2012 declined $.2 billion, or 6%.
- Net charge-offs of $310 million decreased $21 million, or 6%.
- Accruing loans past due decreased 4%.
"PNC expanded its businesses significantly in 2012," said James E. Rohr, chairman and chief executive officer. "Our balance sheet strength along with our committed employees allowed us to grow customers, loans and deposits across our franchise and expand into Southeastern markets. While we are pleased with the progress we have made, our financial results do not yet reflect the full potential from our investments. Our commitment to revenue growth, expense reduction and efficient capital management in 2013 should position PNC to deliver even greater shareholder value."
Read the full PNC Financial press release.