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PNC » Topics » credit quality trends remained manageable

This excerpt taken from the PNC 8-K filed Oct 16, 2008.

credit quality trends remained manageable

PITTSBURGH, Oct. 16, 2008 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $248 million, or $.71 per diluted share, for the third quarter of 2008 compared with net income of $407 million, or $1.19 per diluted share, for the third quarter of 2007 and net income of $505 million, or $1.45 per diluted share, for the second quarter of 2008.

For the first nine months of 2008, the company earned net income of $1.13 billion, or $3.24 per diluted share, compared with net income of $1.29 billion, or $3.85 per diluted share, for the first nine months of 2007.

“During a time of great uncertainty, PNC posted solid third quarter results reflecting the quality of our balance sheet, and we maintained strong capital and liquidity positions,” said James E. Rohr, chairman and chief executive officer. “Our core business activities performed very well and we grew loans, deposits and customer relationships. Credit quality continued to be manageable as we adhered to our strategy of maintaining a moderate risk profile. Nonetheless, PNC was not immune to the effects of market dislocation on certain fair value assets. During these extraordinary times, we continue to believe our business model positions the company for growth.”

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