PNC Financial Services Group Inc. says it earned $1.01 billion in the fourth-quarter, as the company benefited from BlackRock Inc.'s acquisition of Barclays Global Investors.
PNC says it earned $2.17 per share after losing $269 million a year earlier. The company said it would have earned 90 cents per share excluding a $687 million gain related to the BlackRock acquisition of Barclays Global Investors. PNC is a part owner of the money manager.
The profit and its $5.08 billion in revenue were better than analysts expected, according to Thomson Reuters.
The Pittsburgh-based bank says Thursday it added more than $1 billion to cover bad loans during the quarter, up 15 percent from the previous three months. But like other banks, it is reporting early signs of improvement in its loan portfolio.
The bank's stock was up 71 cents at $59.50 in pre-opening trading.
© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.