PNC Financial Services Group, Inc. (PNC) reported Tuesday that net income applicable to common shareholders for the fourth quarter declined to $1.21 billion or $2.86 per share from $1.39 billion or $3.26 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter were $1.56 billion or $3.68 per share, compared to $1.39 billion or $3.27 per share in the year-ago quarter.
Total revenue for the quarter increased 22 percent to $5.13 billion from $4.21 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $3.16 per share on revenue of $5.15 billion for the quarter. Analysts' estimates typically exclude certain special items.
On January 5, 2022, the PNC board of directors declared a quarterly cash dividend on common stock of $1.25 per share payable on February 5, 2022.
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