{"id":837243,"date":"2025-04-15T06:46:39","date_gmt":"2025-04-15T10:46:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pnc-reports-first-quarter-2025-net-income-of-1-5-billion-3-51-diluted-eps\/"},"modified":"2025-04-15T06:46:39","modified_gmt":"2025-04-15T10:46:39","slug":"pnc-reports-first-quarter-2025-net-income-of-1-5-billion-3-51-diluted-eps","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pnc-reports-first-quarter-2025-net-income-of-1-5-billion-3-51-diluted-eps\/","title":{"rendered":"PNC Reports First Quarter 2025 Net Income of $1.5 Billion, $3.51 Diluted EPS"},"content":{"rendered":"
\n

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

\n

\n Expanded NIM; increased capital and TBV; maintained solid credit quality metrics<\/b>\n <\/p>\n

\n
\n PITTSBURGH<\/span>
\n <\/span>, April 15, 2025<\/span><\/span> \/PRNewswire\/ — The\u00a0PNC 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 <\/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 1Q25<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n
\n 1Q24<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

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

\n
\n First 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
\n Comparisons reflect 1Q25 vs. 4Q24<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n $\u00a0\u00a0\u00a0 3,476<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n $\u00a0\u00a0\u00a0 3,264<\/span>\n <\/p>\n<\/td>\n

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

\n
\n
\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Income Statement<\/p>\n

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

\n \u25aa\u00a0\u00a0 Net interest income decreased 1%
\u00a0 \u00a0 driven by two fewer days in the
\u00a0 \u00a0 quarter, partially offset by the benefit
\u00a0 \u00a0 of lower funding costs and fixed rate
\u00a0 \u00a0 asset repricing<\/p>\n

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

\n \u2013\u00a0 NIM expanded 3 bps to 2.78%<\/p>\n

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

\n \u25aa\u00a0\u00a0 Fee income decreased 2% due to a
\u00a0 \u00a0 slowdown in capital markets activity
\u00a0 \u00a0 and seasonality<\/p>\n

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

\n \u25aa\u00a0\u00a0 Other noninterest income of $137
\u00a0 \u00a0 million included negative $40 million
\u00a0 \u00a0 of Visa derivative adjustments<\/p>\n

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

\n \u25aa\u00a0\u00a0 Noninterest expense decreased 3%
\u00a0 \u00a0 as a result of 4Q24 asset
\u00a0 \u00a0 impairments and seasonality<\/p>\n

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

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

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

\n \u25aa\u00a0\u00a0 Average loans decreased $2.4
\u00a0 \u00a0 billion, or 1%<\/p>\n

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

\n \u2013\u00a0 Spot loans increased $2.4 billion,
\u00a0 \u00a0 reflecting $4.7 billion, or 3%,
\u00a0 \u00a0 growth in commercial and
\u00a0 \u00a0 industrial loans<\/p>\n

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

\n \u25aa\u00a0\u00a0 Average deposits decreased $4.6
\u00a0 \u00a0 billion, or 1%<\/p>\n

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

\n \u25aa\u00a0\u00a0 Net loan charge-offs were $205
\u00a0 \u00a0 million, or 0.26% annualized to
\u00a0 \u00a0 average loans<\/p>\n

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

\n \u25aa\u00a0\u00a0 AOCI improved $1.3 billion to
\u00a0 \u00a0 negative $5.2 billion reflecting the
\u00a0 \u00a0 movement of interest rates<\/p>\n

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

\n \u25aa\u00a0\u00a0 TBV per share increased 5% to
\u00a0 \u00a0 $100.40<\/p>\n

<\/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 10.6%<\/p>\n

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

\n \u2013\u00a0 Repurchased approximately $200
\u00a0 \u00a0 million of common shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n 1,839<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 1,746<\/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 137<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 135<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 1,976<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 1,881<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 5,452<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 5,145<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 3,387<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 3,334<\/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 2,065<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 1,811<\/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 219<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 155<\/span>\n <\/p>\n<\/td>\n

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

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

\n

\n 1,499<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 1,344<\/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<\/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<\/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<\/tr>\n
\n

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

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 3.51<\/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 3.10<\/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 398<\/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<\/tr>\n
\n

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

\n

\n 127.98<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 113.30<\/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 100.40<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 85.70<\/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<\/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<\/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<\/tr>\n
\n

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

\n

\n $\u00a0\u00a0\u00a0 316.6<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n $\u00a0\u00a0\u00a0 320.6<\/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 142.2<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 135.4<\/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 420.6<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 420.2<\/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 (5.2)<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n (8.0)<\/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 205<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 243<\/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 1.64\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.68\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<\/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<\/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<\/tr>\n
\n

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

\n

\n 11.60\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 11.39\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 1.09<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 0.97<\/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 2.78<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 2.57<\/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 36<\/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<\/tr>\n
\n

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

\n

\n 62<\/span>\n <\/p>\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 18.8<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 18.8<\/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 10.6<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

\n 10.1<\/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<\/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<\/tr>\n
\n

\n
\n See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals
may not sum due to rounding.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\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 had a strong start to the year. We grew customers and commercial loans, expanded our net interest margin, increased capital levels and maintained solid credit quality metrics. While market uncertainty impacted our capital markets activity, expenses remained well-controlled, resulting in another quarter of strong results. Regardless of market developments, our balance sheet is well-positioned and we continue to expect record net interest income and solid positive operating leverage in 2025.”<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

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

\n First quarter 2025<\/i>
\n \u00a0compared with fourth quarter 2024<\/i>\n <\/p>\n