PNC Bank 2015 Annual Report Download - page 3

Dear Shareholder,
On the whole, 2015 was a successful year for PNC despite an increasingly
difficult revenue environment, evolving regulation and intensifying competition.
Early hopes that the Federal Reserve would begin to raise rates by midyear
proved overly optimistic, and global economic uncertainty, falling energy prices
and curtailed capital investment raised questions about how well our industry
would weather the storm. But at PNC, we focused on those things that were
within our power to control, executed on our strategic priorities and continued to
deliver the solid, consistent results our shareholders have come to expect.
PNC reported net income of $4.1 billion, or $7.39 per diluted common share, in 2015. Our return on average
assets was 1.17 percent.
The fourth quarter of 2015 was PNC’s 11th consecutive quarter of $1 billion or more in net income.
Of course, past performance does not guarantee future results, but our consistency reflects the soundness
of our strategic direction, our proven ability to execute and our unwillingness to
compromise our risk appetite or mortgage the future of the company in pursuit of
short-term gains.
For the full year, in 2015 we grew loans by 1 percent, deposits were up
7 percent, fee income was up 3 percent, and noninterest income represented
a higher percentage of our total revenue mix than in 2014. We also controlled
expenses well; 2015 was the third year in a row that expenses declined despite
major, ongoing investments in our retail banking business and technology
infrastructure.
From the CEO | March 1, 2016
2015 was
the third
year in a
row that
expenses
declined.