PNC Earnings Up

PNC Financial Services Group is reporting third quarter income of $1.1 billion. That works out to $2.07 per diluted common share. The numbers come on a net income of $803 million. The company earned net income of $2.6 billion, or $4.24 per diluted common share, for the first nine months of 2010 compared with $1.3 billion for the first nine months of 2009. In a written statement PNC CEO James Rohr says the bank did well in a “challenging operating environment.” Rohr says, “Our disciplined focus on execution resulted in improved credit quality, record capital levels and an overall higher quality balance sheet." “While the outlook for the economy remains uncertain, I am confident that our business model will continue to deliver differentiated results," says Rohr. PNC continued its effort to move to a more “moderate risk profile” and Rohr says that helped the company’s bottom line.