PNC Financial earnings lower than expected

PNC Financial Services Group Inc. says its second-quarter profit dropped 87 percent largely because of an FDIC assessment and the continued cost of integrating National City Corp. into its operation.
JUL 23, 2009
By  Bloomberg
PNC Financial Services Group Inc. says its second-quarter profit dropped 87 percent largely because of an FDIC assessment and the continued cost of integrating National City Corp. into its operation. The Pittsburgh-based bank reported net income applicable to common shareholders of $65 million, or 14 cents per share. Analysts surveyed by Thomson Reuters had expected a profit of 45 cents per share. It earned $505 million, or $1.45 per share, last year. Before preferred stock dividends, profit totaled $207 million in the latest period. Despite the earnings drop, PNC's revenues grew nearly doubled, to $3.99 billion.

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