January 18, 2012 / 12:42 PM / 6 years ago

UPDATE 1-PNC posts lower Q4 profit, credit improves

* Q4 EPS $0.85 vs $1.50 a year ago

* Q4 rev $3.5 bln vs $3.9 bln a year ago

* Provisions for credit losses down 27 pct sequentially (Follows alerts)

Jan 18 (Reuters) - PNC Financial Services Group Inc posted a lower fourth-quarter profit, but said it continued to improve credit quality as it set aside less money for bad loans.

The Pittsburgh-based regional bank’s net income fell to $493 million, or 85 cents per share, from $820 million, or $1.50 per share, a year earlier.

Revenue fell to $3.5 billion from $3.9 billion.

Provisions to cover credit losses declined 27 percent sequentially to $190 million.

In December, the U.S. Federal Reserve approved the bank’s application to buy the U.S. retail and credit card operations of Royal Bank of Canada for $3.62 billion.

PNC shares, which have gained more than 20 percent of their value since the bank’s last quarter results, closed at $61.24 on Tuesday on the New York Stock Exchange. (Reporting by Aman Shah in Bangalore; Editing by Don Sebastian)

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