PNC said Thursday, Jan. 21, it earned $2.4 billion in 2009, compared with $914 million in the year before that, an increase of 162 percent. PNC’s 2008 results do not include National City.
On a per-share basis, the Pittsburgh-based bank earned $4.36, versus $2.44 in the prior year.
Analysts polled by Thomson Reuters on average had looked for PNC to earn $2.97 per share.
For the quarter, PNC reported a profit of $1.1 billion, or $2.17, compared with a profit of $559 million, or $1 per share.
Results for the fourth quarter and the year included a $687 million gain related to PNC’s investment in BlackRock after BlackRock purchased Barclays Global Investors.
PNC said it was able last year to cut costs by $800 million last year.
In morning trading session, shares of PNC (NYSE: PNC) were trading at $55.35, down $3.44, or 5.85 percent.