PNC Quarterly Profit Rises

PNC Financial Services said Tuesday quarterly profit rose to $1.30 per share, excluding one-time items, matching analysts' expectations.

PNC said it earned $384 million, or $1.30 a share, excluding certain items, in the three months ended December, up from $355 million, or $1.20 a share, in the fourth quarter of 2005. Analysts surveyed by Thomson Financial predicted a profit of $1.30 a share.

Revenues rose nearly 11% from the same quarter a year ago to $1.54 billion, also matching expectations.

The company will host a conference call and webcast at 10:30 am New York time to discuss results.

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