What was PNC's net income and diluted EPS for Q1 2005?

PNC reported a net income of $354 million, or $1.24 per diluted share, for the first quarter of 2005, compared to $328 million, or $1.15 per diluted share, for the first quarter of 2004.

How did BlackRock perform in Q1 2005?

BlackRock reported earnings of $47 million for Q1 2005, a decrease from $55 million in Q1 2004. This was attributed to non-recurring expenses related to the SSRM acquisition and long-term incentive plan charges. However, total revenue for BlackRock increased by 37% year-over-year, driven by a 32% increase in advisory fees due to growth in assets under management.

What is the status of the Riggs National Corporation acquisition?

PNC entered into an amended and restated agreement to acquire Riggs National Corporation on February 10, 2005. The transaction has received regulatory and shareholder approval but is subject to select remaining closing conditions, including the receipt of regulatory waivers.

What is the company's outlook on interest rates?

PNC anticipates that interest rates will continue to rise in 2005 and expects that the overall impact of rising long-term interest rates will be beneficial to the company. They have taken steps to position their balance sheet to benefit from these anticipated rate increases.

PNC 10-Q Quarterly Report Q1 FY2005 — Revenue, Net Income, EPS

Summary

PNC Financial Services Group, Inc. reported solid financial performance for the first quarter of 2005, with net income increasing to $354 million, or $1.24 per diluted share, up from $328 million, or $1.15 per diluted share, in the prior year's first quarter. This growth was driven by a 13% increase in average loan balances and a 7% rise in noninterest income, largely attributed to strong performance at its majority-owned subsidiary, BlackRock, which completed the acquisition of SSRM Holdings, Inc. during the quarter. The company's balance sheet also expanded, with total assets growing to $83.4 billion, supported by increased loans and securities. PNC remains focused on strategic growth through customer acquisition and retention, prudent risk management, and operational efficiency improvements. The company also provided an update on its pending acquisition of Riggs National Corporation, which is progressing subject to regulatory approvals.

Key Highlights

1Net income increased by 7.9% year-over-year to $354 million.
2Diluted earnings per share rose to $1.24 from $1.15 in the prior year's quarter.
3Total revenue grew by 5.5% to $1.485 billion.
4Average loans increased by 13% to $44 billion.
5Noninterest income grew by 7% to $973 million, with BlackRock's performance being a key driver.
6The company continues to manage its interest rate risk, anticipating a benefit from rising long-term rates.
7PNC is progressing with the acquisition of Riggs National Corporation, pending regulatory waivers and other closing conditions.

PNC FINANCIAL SERVICES GROUP, INC. Quarterly Report for Q1 Ended Mar 31, 2005

Summary

Key Highlights

Frequently Asked Questions