The PNC Financial Services Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 13, 2017 at 11:32 am
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The PNC Financial Services Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenue of $3,874 million against $3,853 million a year ago. Income before income taxes and non-controlling interests was $1,366 million against $1,383 million a year ago. Net income attributable to common shareholders was $982 million against $965 million a year ago. Net income attributable to diluted common shares was $973 million or $1.97 diluted per share against $957 million or $1.87 diluted per share a year ago. Return on average assets was 1.13% against 1.12% a year ago. Return on average common equity was 9.31% against 9.30% a year ago. Book value per common share as on December 31, 2016 was $86.1 against $81.84 as at December 31, 2015. Tangible book value per common share as on December 31, 2016 was $67.41 against $63.65 as at December 31, 2015.
For the year, the company reported total revenue of $15,162 million against $15,225 million a year ago. Income before income taxes and non-controlling interests was $5,253 million against $5,507 million a year ago. Net income attributable to common shareholders was $3,688 million against $3,881 million a year ago. Net income attributable to diluted common shares was $3,650 million or $7.30 diluted per share against $3,846 million or $7.39 diluted per share a year ago. Return on average assets was 1.10% against 1.17% a year ago. Return on average common equity was 8.85% against 9.50% a year ago.
The company announced net charge-offs for the fourth quarter ended December 31, 2016. For the quarter, the company reported net charge-offs of $106 million compared with net charge-offs of $154 million for the fourth quarter of 2014.
PNC Financial Services Group, Inc. is one of the leading American financial service groups. Net sales break down by activity as follows:
- retail banking (46.9%): sales of standard and specialized banking products and services (residential mortgage, leasing, factoring, insurance, etc.);
- corporate, investment and market banking (43.3%);
- asset management (7.6%);
- other (2.2%).
At the end of 2021, the bank had USD 457.3 billion in current deposits and USD 288.4 billion in current loans.
The PNC Financial Services Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016