The Pittsburgh-based bank saw its earnings soar to US$2.08bn from the US$1.03bn recorded a year ago.
Hikes in wages for lower-paid employees
In the quarter, per-share earnings came in at US$4.18, beating the US$3.96 market consensus.
Taking out the one-time tax gain and other items, per-share earnings would have been US$2.29 a share, compared to market consensus of US$2.20.
In a statement, the regional bank’s chief executive William Demchak said the new tax law gave the bank “increased flexibility as we continue to invest in our businesses, communities and our employees.”
PNC and other banks have said that they plan to hike wages for lower-paid employees following the new tax law.
In the quarter, revenue rose 10% to US$4.26bn, beating market expectations.
In premarket, its shares dipped 0.32% at US$151.00.