PNC Financial Services Group, the regional bank that is acquiring Raleigh-based RBC Bank, saw profits decline 40 percent in the fourth-quarter, the company reported today.
The Pittsburgh-based bank, which ranks as the nation's sixth-largest bank based on assets, reported net income of $493 million, or 85 cents per share.
That was well below the $1.49 cents per share that was the average of 26 analysts that cover the company, according to Bloomberg News.
PNC reported net income of $820 million, or $1.50 per share, during the same period a year ago.
The company took a $240 million charge in the fourth quarter for foreclosure-related activities.
For the year, net income was $3.1 billion, or $5.64 per share.
CEO Jim Rohr said in a statement that the bank had a solid year given the challenging environment of low interest rates, increased regulation and overall sluggish economic growth.