PNC reports income of $3.4 billion for ’10

Staff report

The PNC Financial Services Group Inc. released its fourth-quarter and full-year earnings for 2010 on Thursday, reporting a full-year net income of $3.4 billion.

Net income for 2009 was $2.4 billion, making 2010 a record year for the bank. The net income for 2010 of $3.4 billion, or $5.74 per diluted common share, compared with 2009 net income of $2.4 billion, or $4.36 per diluted common share.

Chairman and CEO James Rohr said the bank delivered a great performance in a tough climate in 2010.

“Net income and Tier 1 capital reached record levels; we transitioned to a higher-quality balance sheet; and credit quality has improved. PNC’s businesses performed well and have the scale to compete successfully in a consolidating industry despite economic headwinds and significant regulatory change. As 2011 unfolds, we see opportunities for growth and the potential to drive even greater value for our shareholders.”

PNC completed the integration of National City in June of 2010 after beginning the process Dec. 31, 2008. Fred Solomon, senior manager of external communications, said the bank was able to achieve its cost-saving goals in combining the two organizations and actually exceeded the goal of $1.2 billion with a total cost savings of $1.8 billion. The integration also was completed ahead of schedule.

PNC reported a continued sales momentum, adding 75,000 consumer and small-business checking relationships in 2010.