The PNC Financial Services Group has posted net income of $1.04bn for the fourth quarter of 2016, up 2.4% compared to $1.02bn in the corresponding quarter of 2015.

The bank's total revenue was $3.87bn, a 0.5% rise from $3.85bn in the year ago period.

Net interest income stood at $2.13bn, an increase of 1.8% from $2.09bn a year ago. Noninterest income dipped 0.9% to $1.74bn from $1.76bn a year ago.

The retail banking arm of the company reported net income of $229m for the fourth quarter of 2016, up 7.5% from $213m in the fourth quarter of 2015.

The unit's net interest income increased 2.8% to $1.1bn from $1.07bn in the prior year, while noninterest income dropped 9.9% year-on-year to $514m.

The division's provision for credit losses was $74m, a 31.4% slump from $108m in the previous year.

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By GlobalData

PNC chairman, president and CEO William Demchak said: "PNC delivered a solid year in 2016. Although the financial results finished slightly below 2015, this was due in part to our disciplined risk management efforts throughout the year to position PNC well in the current credit and interest rate cycle.

"At the same time in 2016, we grew net interest and fee income, and kept expenses essentially flat. We also returned capital to shareholders, grew our customer franchise and continued to invest in our strategic priorities, particularly core technology infrastructure that will be critical to our future success."