RBC Bank deal impacts PNC’s earnings

News & Observer Thursday 19th April, 2012

PNC Financial Services Group reported a dip in first-quarter profits after spending $145 million on the integration of RBC Bank, which it acquired last month.Pittsburgh-based PNC reported net income of $811 million, or $1.44 a share, versus net income of $832 million a year earlier. Bloomberg News reported that per-share earnings exceeded analysts’ estimates after excluding the integration costs.Similarly, PNC reported that the acquisition a...

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