(By Balaseshan) PNC Financial Services (NYSE: PNC) reported a 45.8 percent jump in quarterly earnings on customers growth, higher revenue, as well as credit and expense management.
The Pittsburgh, Pennsylvania-based financial services provider earned $719 million or $1.24 per share for the fourth quarter, up from $493 million or $0.85 per share in the comparable period of last year.
The latest quarter results were reduced by $0.47 per share for the net impact of actions taken in the fourth quarter associated with residential mortgage banking activities and other items.
Revenue grew 15 percent to $4.07 billion, as net interest income increased 10 percent and non-interest income climbed 22 percent. The latest quarter revenue continued to reflect strong client fee income and included a gain on sale of a portion of PNC's investment in Visa shares.
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Analysts, on average, polled by Thomson Reuters expected earnings of $1.57 per share on revenue growth of 11 percent to $3.94 billion for the fourth quarter.
In the third quarter, PNC posted earnings per share of $1.64 on revenue of $4.09 billion.
Net interest margin declined to 3.85 percent from 3.86 percent in the year-ago quarter, yet rose from 3.82 percent in the prior quarter.
As at December 31, 2012, total deposits grew $6.8 billion compared with September 30, 2012 and climbed $25.1 billion compared with December 31, 2011.
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PNC is engaged in retail banking, corporate and institutional banking, asset management, and residential mortgage banking.
The stock closed Wednesday's regular session at $59.78. The stock has been trading between $53.36 and $67.89 for the past 52 weeks.