David Dyer | Oct 16, 2012 05:18AM ET
CEO James Rohr delivered a solid quarter with improved financial performance, rebounding from the prior quarter earnings disappointment. Financial position is solid with very strong capital. Risk management appears very good.
Various non-operating and non-recurring items offset each other this quarter, “Third quarter 2012 net income included an after tax gain on the sale of 5 million Visa Class B common shares of $89 million, or $.17 per diluted common share, noncash charges for unamortized discounts related to redemption of trust preferred securities of $61 million after tax, or $.12 per diluted common share, and (RBC) integration costs of $23 million after tax, or $.04 per diluted common share.”
At QE 9-30-12, I have rated PNC Financial Services a “B+” on a scale of A+ to G-. This is no change in the rating from the prior QE 6-30-12. The median rating is “D” and the average rating at QE 6-30-12 was “C”. Financial position is weighted more than financial performance. The QE 6-30-12 bank ratings review is here .
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