Fitch: Strong results for PNC Financial

Fitch Ratings said PNC Financial Services Group, Inc. reported a strong first quarter of 2012 with higher revenues and controlled non-interest expenses.

As a result, PNC produced positive operating leverage on a sequential basis, Fitch said, and the company expects it will do so throughout 2012.

Bucking the trend in the industry, PNC posted spread income growth, driven by the loans acquired from the RBC Bank (USA) acquisition, organic commercial loan growth and lower funding costs, Fitch said.

The entire industry benefited during the quarter from strong refinance-related mortgage income, while asset management revenues were higher on improved equity markets, the agency said.

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