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PNC » Topics » Net income up 19 percent compared with second quarter 2007

This excerpt taken from the PNC 8-K filed Jul 17, 2008.

Net income up 19 percent compared with second quarter 2007

PITTSBURGH, July 17, 2008 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $505 million, or $1.45 per diluted share, for the second quarter of 2008 compared with net income of $423 million, or $1.22 per diluted share, for the second quarter of 2007 and net income of $377 million, or $1.09 per diluted share, for the first quarter of 2008.

For the first six months of 2008, the company earned net income of $882 million, or $2.54 per diluted share, compared with net income of $882 million, or $2.67 per diluted share, for the first six months of 2007.

“PNC reported strong second quarter results, growing revenue faster than expenses while continuing to manage credit risk effectively,” said James E. Rohr, chairman and chief executive officer. “We remained focused on our customer growth strategies in this challenging environment. As these economic conditions continue, we believe our solid balance sheet, strong capital and liquidity, and diverse revenue mix position us well for the future and allow us to invest in our businesses and grow customer relationships.”

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