PNC Financial Services reported FY 2015 net income of $4.1 billion compared with 2014 net income of $4.2 billion. Fourth quarter 2015 net income was $1.0 billion compared with $1.1 billion for the fourth quarter of 2014. Q4/15 earnings per share of $1.87 beat analysts’ estimates who projected EPS of $1.80, according to Thomson Financial.

“PNC delivered consistent, quality results and advanced our strategic priorities in 2015,” said William S. Demchak, chairman, president and chief executive officer. “We increased fee income, reduced expenses and managed a strong balance sheet that will benefit from rising interest rates heading into 2016. Our strong capital position enabled us to increase the amount of capital returned to shareholders in 2015. We’re positioned to continue to drive long-term value through our execution in 2016 and beyond.”

The following highlights were excerpted from the news release:

• Q4/15 results reflected revenue growth over the third quarter in both net interest income and fee income, a continued focus on disciplined expense management, and higher loans and deposits.
• Noninterest income of $1.8 billion for the fourth quarter increased $48 million, or 3% compared with the third quarter primarily due to strong fee income growth.
• The core net interest margin for the year ended December, 31 2015 was 2.61% compared to 2.88% a year earlier.
• Provision for credit losses was $74 million for the fourth quarter compared with $81 million for the third quarter as overall credit quality remained relatively stable.