Shares of PNC have underperformed in 2012 as earnings have been clouded by one-time items following its acquisition of the US. Operations of RBC Capital.
The bank has however given more clarity about its "purchase accounting accretion" recently. The analyst also expects greater clarity on how the bank expects to achieve its Basel 3 target of 8 % to 8.5% in the third quarter.Also additional "one-timers" in the upcoming quarters have been well-telegraphed and results are likely to be cleaner in 2013, according to the analyst. Deutsche expects PNC Financial to report an earnings per share of $1.61 excluding RBC merger charges versus a consensus estimate of $1.60. PNC is set to report on Oct 16. -- Written by Shanthi Bharatwaj in New York.
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