PNC Financial Services, the New York-listed banking group, reported net income for 2009 of $2.4 billion, surging from $914 million for a year ago.

In the fourth quarter of last year, net income was $1.1 billion, compared with net income of $559 million in the previous three months.

"During the most challenging economic environment of our time, the execution of the PNC business model resulted in exceptional 2009 performance," said James Rohr, chairman and chief executive officer.

Fourth-quarter and full-year 2009 results included a $687 million after-tax gain related to the BlackRock acquisition of Barclays Global Investors. Results also included after-tax integration costs of $274 million for full year 2009, $101 million for the fourth quarter of 2009, $58 million for the third quarter of 2009 and $422 million for full year 2008.

Capital ratios continued to grow. The estimated Tier 1 common equity ratio increased by 50 basis points to 6.0 per cent at 31 December 31 2009, and the estimated Tier 1 risk-based capital ratio increased by 60 basis points to 11.5 per cent as of year-end.

The firm’s asset management group earned $105 million for the full year and $23 million for the fourth quarter of 2009, compared with $35 million for the third quarter of 2009. Assets under administration fell to $205 billion at 31 December 2009, compared with $217 billion at 30 September last year.

Discretionary assets under management decreased to $103 billion, compared with $104 billion at the end of September.