This excerpt taken from the PNC 8-K filed Jul 19, 2006.
Earnings per share jump 31 percent on strong revenue growth
PITTSBURGH, July 19, 2006 The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $381 million, or $1.28 per diluted share, for the second quarter of 2006, compared with net income of $282 million, or 98 cents per diluted share, in the second quarter of 2005 and net income of $354 million, or $1.19 per diluted share, in the prior quarter. For the first six months of 2006, the company earned net income of $735 million, or $2.47 per diluted share, compared with net income of $636 million, or $2.22 per diluted share, for the first six months of 2005, an increase of 16 percent and 11 percent respectively.
PNC delivered a great quarter, said Chairman and Chief Executive Officer James E. Rohr. Year-over-year revenue growth significantly outpaced expense growth as we delivered on our goal of positive operating leverage. Our business mix, disciplined expense control and risk management principles position us well for what we believe will continue to be a challenging interest rate environment.