First half earnings at PNC Financial Services Group (PNC) have
doubled to $1.47 bn from the first half of fiscal 2009, beating
analyst forecasts.
Second quarter net earnings of
$803m soared from $207m in the year ago quarter,
boosted by lower credit costs.
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While total deposits declined in the first half by 6.1% to
$178.8bn from $190.4bn a year ago, PNC remained core funded with a
loan to deposit ratio of 86%.
Total assets fell by 10.3% year-on-year to $199bn.
PNC, the fifth-largest US retail bank by branches, ended the
half with 2,458 outlets, down 16 units from a year ago.
In the second quarter, retail highlights included an increase in
customer numbers of 20,000. In addition, active online bill payment
customers grew by 5 percent during the quarter.
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