PNC wants to increase dividend or buy back shares

PNC Financial Services Group Inc., the Philadelphia region's third-biggest bank, is asking regulators to approve a dividend increase or a share buyback, Bloomberg News reported.

The news service said that the financial company's CEO, James E. Rohr, made the comments at a Goldman Sachs Group Inc. investor conference today in New York.

Pittsburgh-based PNC cut its dividend last year, from 66 cents to 10 cents.

PNC Financial Services Group said in October that its third-quarter income nearly doubled as it set aside far less money to cover bad loans. PNC's $13.42 billion in deposits as of June 30 had it in the third place in the Philadelphia region.

Shares were trading at $57.87, up 56 cents, shortly before the close of trading.    - Inquirer staff