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PNC Financial Services Group’s fourth quarter earnings double on one-time gain from tax bill

PNC and other banks have said that they plan to hike wages for lower-paid employees following the new tax law
The new tax law gave the bank “increased flexibility as we continue to invest in our businesses, communities and our employees.”

PNC Financial Services Group Inc (NYSE:PNC) said that its fourth quarter earnings had more than doubled from a year ago, getting a boost from the one-time gain from the recent tax reform legislation.

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.

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PNC Financial Services Timeline

July 17 2013
April 18 2012

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