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PNC cuts expenses, profit beats analysts’ estimates

Bloomberg News

PNC Financial Services Group Inc., the second-biggest U.S. regional bank, posted fourth-quarter profit that beat analysts’ estimates as the lender trimmed expenses and set aside less money for soured loans.

Net income rose 53 percent to $1.1 billion, or $1.85 a share, from $719 million, or $1.24, a year earlier, the Pittsburgh-based bank with Akron operations said. The average estimate of 30 analysts surveyed by Bloomberg was $1.64 a share. For the full year, profit increased 41 percent to a record $4.2 billion.

Huntington results

Huntington Bancshares Inc. said fourth-quarter profit declined 5.7 percent from a year earlier.

Net income for the three months ended Dec. 31 dropped to $157.8 million, or 18 cents a share, from $167.3 million, or 19 cents, a year earlier, the Columbus-based lender said. The average estimate of 26 analysts surveyed by Bloomberg News was for profit of 17 cents.

Noninterest income fell 17 percent and mortgage banking income slid 61 percent.


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