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PNC Financial Q4 net income declines

PNC Financial Services Group has reported a net income of $451m, or $0.85 per diluted share, for the fourth quarter of 2011, compared to $798m, or $1.50 per diluted share, for the same period in 2010.

The total revenue for the fourth quarter of 2011 was $3.55bn, down 9%, compared to $3.90bn for the same period a year ago.

Retail Banking incurred a loss of $28m, compared with earnings of $44m for the same period in the prior year.

Corporate & Institutional Banking reported earnings of $576m, compared to $543m for the same period in the previous year

Asset Management Group reported earnings of $17m, compared to $28m for the same period in 2010.

PNC Financial Services chairman and CEO James Rohr said that they are leveraging their capital strength to expand into the southeast with a strategic acquisition and they remain focused on strong risk and expense management.