{"id":801427,"date":"2025-01-16T06:31:59","date_gmt":"2025-01-16T11:31:59","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pnc-reports-full-year-2024-net-income-of-6-0-billion-13-74-diluted-eps\/"},"modified":"2025-01-16T06:31:59","modified_gmt":"2025-01-16T11:31:59","slug":"pnc-reports-full-year-2024-net-income-of-6-0-billion-13-74-diluted-eps","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pnc-reports-full-year-2024-net-income-of-6-0-billion-13-74-diluted-eps\/","title":{"rendered":"PNC Reports Full Year 2024 Net Income of $6.0 Billion, $13.74 Diluted EPS"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n Generated Positive Operating Leverage
<\/b>
\n Fourth Quarter 2024<\/b>
\n net income was $1.6 billion<\/span>, $3.77<\/span> diluted EPS
<\/b>
\n Grew NII and NIM; increased deposits and capital <\/b>\n <\/p>\n

\n
\n PITTSBURGH<\/span>
\n <\/span>, Jan. 16, 2025<\/span><\/span> \/PRNewswire\/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n For the quarter<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n For the year<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n In millions, except per share data and as noted<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Fourth Quarter Highlights<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Financial Results<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Comparisons reflect 4Q24 vs. 3Q24<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest income (NII)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 3,523<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 3,410<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0 13,499<\/span>\n <\/p>\n<\/td>\n

\n

\n $ 13,916<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Income Statement
\u00a0<\/b><\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Net interest income increased 3%
\u00a0 \u00a0 \u00a0and NIM expanded 11 bps
\u00a0<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Fee income decreased 4%, due to
\u00a0 \u00a0 \u00a0elevated 3Q24 residential mortgage
\u00a0 \u00a0 \u00a0and capital markets activity
\u00a0 <\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Other noninterest income of $175
\u00a0 \u00a0 \u00a0million<\/p>\n

<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Noninterest expense increased 5%
\u00a0 \u00a0 \u00a0and included $97 million of asset
\u00a0 \u00a0 \u00a0impairments and the benefit of an
\u00a0 \u00a0 \u00a0$18 million FDIC special assessment
\u00a0 \u00a0 \u00a0reduction. The combined impact of
\u00a0 \u00a0 \u00a0these items was $62 million after tax
\u00a0<\/span>\n <\/p>\n

\n \u2022\u00a0\u00a0 The effective tax rate was 14.6% and
\u00a0 \u00a0 \u00a0included income tax benefits of $60
\u00a0 \u00a0 \u00a0million
\u00a0<\/span>\n <\/p>\n

\n \u2022\u00a0\u00a0 Net income increased 8%<\/p>\n

<\/span>\n <\/p>\n

\n
\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0Balance Sheet<\/p>\n

<\/b>
\n <\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Average loans and securities were
\u00a0 \u00a0 stable
\u00a0<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Average deposits increased $3.1
\u00a0 \u00a0 billion
\u00a0<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Net loan charge-offs were $250
\u00a0 \u00a0 \u00a0million, or 0.31% annualized to
\u00a0 \u00a0 \u00a0average loans
\u00a0<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 AOCI declined $1.5 billion to
\u00a0 \u00a0 \u00a0negative $6.6 billion reflecting the
\u00a0 \u00a0 \u00a0movement of interest rates
\u00a0<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 TBV per share was $95.33
\u00a0<\/span>\n <\/p>\n

\n \u25aa\u00a0\u00a0 Maintained strong capital position<\/p>\n

<\/span>\n <\/p>\n

\n \u2013\u00a0 CET1 capital ratio of 10.5%<\/p>\n

<\/span>\n <\/p>\n

\n \u2013\u00a0 Repurchased more than $0.2
\u00a0 \u00a0 billion of common shares<\/span>\n <\/p>\n

\n \u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Fee income (non-GAAP)<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n 1,869<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,953<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 7,345<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,955<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Other noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 175<\/span>\n <\/p>\n<\/td>\n

\n

\n 69<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 711<\/span>\n <\/p>\n<\/td>\n

\n

\n 619<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Noninterest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,044<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,022<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,056<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,574<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,567<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,432<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 21,555<\/span>\n <\/p>\n<\/td>\n

\n

\n 21,490<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Noninterest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,506<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,327<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 13,524<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,012<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Pretax, pre-provision earnings (non-GAAP)<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n 2,061<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,105<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,031<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,478<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Provision for credit losses<\/span>\n <\/p>\n<\/td>\n

\n

\n 156<\/span>\n <\/p>\n<\/td>\n

\n

\n 243<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 789<\/span>\n <\/p>\n<\/td>\n

\n

\n 742<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net income <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,627<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,505<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,953<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,647<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Per Common Share <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Diluted earnings per share (EPS)<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 3.77<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 3.49<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 13.74<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 12.79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Average diluted common shares outstanding<\/span>\n <\/p>\n<\/td>\n

\n

\n 399<\/span>\n <\/p>\n<\/td>\n

\n

\n 400<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 400<\/span>\n <\/p>\n<\/td>\n

\n

\n 401<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Book value<\/span>\n <\/p>\n<\/td>\n

\n

\n 122.94<\/span>\n <\/p>\n<\/td>\n

\n

\n 124.56<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 122.94<\/span>\n <\/p>\n<\/td>\n

\n

\n 112.72<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Tangible book value (TBV) (non-GAAP)<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n 95.33<\/span>\n <\/p>\n<\/td>\n

\n

\n 96.98<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 95.33<\/span>\n <\/p>\n<\/td>\n

\n

\n 85.08<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Balance Sheet & Credit Quality <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Average loans \u00a0\u00a0\u00a0In billions<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 319.1<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0 319.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0 319.8<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0 323.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Average securities\u00a0\u00a0\u00a0 In billions<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n 143.9<\/span>\n <\/p>\n<\/td>\n

\n

\n 142.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 140.7<\/span>\n <\/p>\n<\/td>\n

\n

\n 140.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Average deposits\u00a0\u00a0 \u00a0In billions<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n 425.3<\/span>\n <\/p>\n<\/td>\n

\n

\n 422.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 421.2<\/span>\n <\/p>\n<\/td>\n

\n

\n 427.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Accumulated other comprehensive income (loss) (AOCI) <\/span>\n <\/p>\n

\n
\n In billions<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6.6)<\/span>\n <\/p>\n<\/td>\n

\n

\n (5.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (6.6)<\/span>\n <\/p>\n<\/td>\n

\n

\n (7.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net loan charge-offs<\/span>\n <\/p>\n<\/td>\n

\n

\n 250<\/span>\n <\/p>\n<\/td>\n

\n

\n 286<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,041<\/span>\n <\/p>\n<\/td>\n

\n

\n 710<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Allowance for credit losses to total loans<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.64\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.65\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.64\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.70\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Selected Ratios<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Return on average common shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.38\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.72\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 11.92\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.35\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Return on average assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.14<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.05<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.05<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.01<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Net interest margin (NIM) (non-GAAP)<\/i><\/span>\n <\/p>\n<\/td>\n

\n

\n 2.75<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.64<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 2.66<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Noninterest income to total revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 37<\/span>\n <\/p>\n<\/td>\n

\n

\n 37<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 37<\/span>\n <\/p>\n<\/td>\n

\n

\n 35<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Efficiency<\/span>\n <\/p>\n<\/td>\n

\n

\n 63<\/span>\n <\/p>\n<\/td>\n

\n

\n 61<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 63<\/span>\n <\/p>\n<\/td>\n

\n

\n 65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Effective tax rate<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.6<\/span>\n <\/p>\n<\/td>\n

\n

\n 19.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 17.8<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Common equity Tier 1 (CET1) capital ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 10.5<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n The statutory tax rate of 21% was used to calculate the estimated after-tax impact to net income. Totals may not sum due to
rounding. See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.<\/i>
\n <\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n
\n

\n
\n From Bill Demchak, PNC Chairman and Chief Executive Officer:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n “PNC achieved strong results in 2024 while continuing to invest in the future of the franchise. We grew customers,
deepened relationships, and continued to support all of our constituents. We generated record revenue and
strengthened our capital levels. At the same time, we maintained our disciplined approach to expenses and
delivered positive operating leverage. As we enter 2025, I have never been more excited about the opportunities in
front of us to grow our franchise and deliver value for our stakeholders.”<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Income Statement Highlights<\/b>\n <\/p>\n

\n Fourth quarter 2024<\/i>
\n \u00a0compared with third quarter 2024<\/i>\n <\/p>\n