Net Income For First Six Months Up 18 Percent Over First Half 2010
Growth in Customer Relationships Accelerates
PITTSBURGH, July 20, 2011 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $912 million, or $1.67 per diluted common share, for the second quarter of 2011 compared with net income of $832 million, or $1.57 per diluted common share, for the first quarter of 2011 and net income of $803 million, or $1.47 per diluted common share, for the second quarter of 2010. The company earned net income of $1.7 billion, or $3.24 per diluted common share, for the first six months of 2011 compared with $1.5 billion, or $2.15 per diluted common share, for the first six months of 2010.
“PNC continued to deliver strong results in the second quarter, reflecting our accelerating sales momentum and the value of our franchise,” said James E. Rohr, chairman and chief executive officer. “Our earnings in a soft economy benefited from improving credit quality and exceptional customer revenue growth. We are confident in our ability to execute our business model and growth strategies which are designed to drive shareholder value.”
