1st quarter strong for PNC; Huntington profits dip

   April 17, 2013 9:22 am

 

Results were mixed for a pair of local banks that reported their quarterly earnings this morning.

The news was good for Pittsburgh-based PNC Financial Services Group. The bank, one of the nation’s largest and the largest in western Pennsylvania, said profits rose 22 percent on revenue growth of 6 percent.

PNC earned $938 million, or $1.76 per share, up from $766 million, or $1.44, in the first quarter of 2012.
Revenue was $3.96 billion, up from $3.73 billion.

Meanwhile, Columbus-based Huntington Bancshares, parent company of Huntington Bank, said its profits fell 1 percent in the first quarter as revenue from fees and selling loans declined.

Net income for the quarter was $151.8 million, down from $153.3 million.

Revenues were $682.3 million, down 3 percent from $706.5 million the previous year.

Stephen Steinour, Huntington’s chief executive, indicated he was satisfied with the results.

“This year is off to a solid start,” he said. “This quarter’s results continue to demonstrate that our strategies are working.”

 

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