PNC Ups Earnings, Finishes Nat'l City Switch

Pittsburgh-based PNC Financial Services Group announced solid financial results for the second quarter of the year today.

“We produced second quarter earnings of $803 million, or $1.47 per diluted common share. That’s a 20% increase in net income on a late-quarter basis,” says PNC Chairman and CEO James Rohr. “For the first half of the year, our net income of $1.5 billion was double that of the same period in 2009.”

Rohr says recently passed financial reform legislation will introduce hundreds of changes to the banking industry, and PNC is studying how those will affect the company.

“One thing is clear: the reform bill will impact revenue and increase the cost of doing business,” says Rohr. “However, we believe the expected changes will be manageable for PNC and will have a smaller impact on us than the Wall Street banks.”

Rohr says his bank also finished the final wave of converting former National City banks to PNC branches ahead of schedule and under budget. Six million retail and business clients switched to PNC in the conversion.