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PNC quarterly earnings up 7%

The PNC Financial Services Group Inc. today reported first-quarter earnings of $1.06 billion, or $1.82 per diluted common share, a 7 percent increase from the $995 million, or $1.74 a share, posted for the same three months of 2013.

William Demchak, president and CEO, said the period ended March 31 marked the fourth consecutive quarter that the Pittsburgh-based parent of PNC Bank reported more than $1 billion in earnings.

“We grew loans and deposits, we lowered expenses even as we continue to make investments across the business to enhance the customer experience and become more efficient,” he said in a statement.

PNC reduced the amount of money it set aside to cover bad loans to $3.53 billion compared with $3.83 billion for the first quarter of last year.

sslater@jg.net

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