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Pnc Financial Services Group




Pnc Financial Services Group is a publicly traded company having a good stock performance result. Pnc Financial Services Group is a fortune 500 stock listed company trading under PNC.
 
The Pnc Financial Services Group was established in 1922 and is headquartered in Pittsburgh, Pennsylvania. The Pnc Financial Services Group, Inc., together with its subsidiaries, operates as a diversified financial services company in the United States. It offers retail banking, corporate and institutional banking, asset management, and global fund processing services. Mr. James E. Rohr is a Chairman and Chief Executive Officer of the company since from 2000.
 
Pnc Financial Services Group, Inc. reported record annual earnings of 1.3 billion dollars, or 4.55 dollars per diluted share in 2005, compared with 1.2 billion dollars, or 4.21 dollars per diluted share, in 2004. Fourth quarter 2005 earnings were a record 355 million dollars, or 1.20 dollars per diluted share, compared with 307 million dollars, or 1.08 dollars per diluted share, in the year-earlier period. Client growth across their businesses drove a strong increase in revenue. Although the competitive and economic environment for 2006 poses some challenges, they believe they are well positioned to build on their outstanding performance in 2005. In the fourth quarter of 2005, non-interest income accounted for 67 percent of total revenue, up from 64 percent for the same period in 2004.
 
Average deposits for the year increased 7.9 billion dollars, or 16 percent, compared with 2004, driven by higher money market deposits, certificates of deposit and other time deposits as well as growth in demand deposit balances, including the impact of the company’s expansion into the greater Washington area. Average deposits grew 8 percent in the fourth quarter on an annualized basis compared with the third quarter of 2005.
 
Corporate & Institutional banking earnings were 480 million dollars for 2005 compared with 443 million dollars for 2004. The company’s acquisition of Harris Williams in October 2005 contributed to increases in both revenue and expenses.
 
They understand the needs, values, and aspirations of their customers and accordingly create quality products to address those needs and provide reliable, qualified and punctual service. They work together to attain their vision and hence they celebrate the success of their co-workers.

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