This excerpt taken from the PNC 8-K filed Apr 17, 2008.
Capital levels strengthen; asset quality solid
PITTSBURGH, April 17, 2008 The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $377 million, or $1.09 per diluted share, for the first quarter of 2008 compared with net income of $459 million, or $1.46 per diluted share, for the first quarter of 2007 and net income of $178 million, or $.52 per diluted share, for the fourth quarter of 2007.
In an extremely difficult environment for the financial services industry, PNC reported solid first quarter results, said James E. Rohr, chairman and chief executive officer. We continued to execute on our long-term growth strategies and grew average loans, deposits and assets. Despite a slower economy, we believe our diverse revenue mix, moderate risk profile and disciplined expense control will continue to serve us well. This confidence is reflected in our recently announced dividend increase to shareholders.