Expanded NIM; increased capital and TBV; maintained solid credit quality metrics

PITTSBURGH, April 15, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

In millions, except per share data and as noted

1Q25

4Q24

1Q24

First Quarter Highlights

Financial Results

Comparisons reflect 1Q25 vs. 4Q24

Net interest income

$    3,476

$    3,523

$    3,264

          Income Statement

▪   Net interest income decreased 1%     driven by two fewer days in the     quarter, partially offset by the benefit     of lower funding costs and fixed rate     asset repricing

–  NIM expanded 3 bps to 2.78%

▪   Fee income decreased 2% due to a     slowdown in capital markets activity     and seasonality

▪   Other noninterest income of $137     million included negative $40 million     of Visa derivative adjustments

▪   Noninterest expense decreased 3%     as a result of 4Q24 asset     impairments and seasonality

              Balance Sheet

▪   Average loans decreased $2.4     billion, or 1%

–  Spot loans increased $2.4 billion,     reflecting $4.7 billion, or 3%,     growth in commercial and     industrial loans

▪   Average deposits decreased $4.6     billion, or 1%

▪   Net loan charge-offs were $205     million, or 0.26% annualized to     average loans

▪   AOCI improved $1.3 billion to     negative $5.2 billion reflecting the     movement of interest rates

▪   TBV per share increased 5% to     $100.40

▪   Maintained strong capital position

–  CET1 capital ratio of 10.6%

–  Repurchased approximately $200     million of common shares

Fee income (non-GAAP)

1,839

1,869

1,746

Other noninterest income

137

175

135

Noninterest income

1,976

2,044

1,881

Revenue

5,452

5,567

5,145

Noninterest expense

3,387

3,506

3,334

Pretax, pre-provision earnings (non-GAAP)

2,065

2,061

1,811

Provision for credit losses

219

156

155

Net income

1,499

1,627

1,344

Per Common Share

Diluted earnings per share (EPS)

$      3.51

$      3.77

$      3.10

Average diluted common shares outstanding

398

399

400

Book value

127.98

122.94

113.30

Tangible book value (TBV) (non-GAAP)

100.40

95.33

85.70

Balance Sheet & Credit Quality

Average loans    In billions

$    316.6

$    319.1

$    320.6

Average securities    In billions

142.2

143.9

135.4

Average deposits    In billions

420.6

425.3

420.2

Accumulated other comprehensive income (loss) (AOCI)

In billions

(5.2)

(6.6)

(8.0)

Net loan charge-offs

205

250

243

Allowance for credit losses to total loans

1.64 %

1.64 %

1.68 %

Selected Ratios

Return on average common shareholders' equity

11.60 %

12.38 %

11.39 %

Return on average assets

1.09

1.14

0.97

Net interest margin (NIM) (non-GAAP)

2.78

2.75

2.57

Noninterest income to total revenue

36

37

37

Efficiency

62

63

65

Effective tax rate

18.8

14.6

18.8

Common equity Tier 1 (CET1) capital ratio

10.6

10.5

10.1

See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release. Totals may not sum due to rounding.

Finance Executive to Accelerate Growth and Extend Strong Leadership Team

PITTSBURGH, April 7, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that its Board of Directors has unanimously appointed Mark Wiedman as president of the corporation and its wholly owned banking subsidiary, PNC Bank, National Association, effective immediately.

Wiedman will report to PNC Chairman and Chief Executive Officer William S. Demchak. PNC's primary operating lines of business and the Regional Presidents Office will report to Wiedman.

PITTSBURGH, April 3, 2025 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share. The dividend will be payable May 5, 2025, to shareholders of record at the close of business April 16, 2025.

The board also declared a cash dividend on the following series of preferred stocks:

Series B: a quarterly dividend of 45 cents per share will be payable June 10, 2025, to shareholders of record at the close of business May 16, 2025.Series S: a semi-annual dividend of $2,500.00 per share ($25.00 per each depositary share, 100 of which represent one share of Series S preferred stock) will be payable May 1, 2025, to shareholders of record at the close of business April 16, 2025.Series T: a quarterly dividend of $850.00 per share ($8.50 per each depositary share, 100 of which represent one share of Series T preferred stock) with a payment date of June 15, 2025, will be payable the next business day to shareholders of record at the close of business May 30, 2025.Series U: a quarterly dividend of $1,500.00 per share ($15.00 per each depositary share, 100 of which represent one share of Series U preferred stock) will be payable May 15, 2025, to shareholders of record at the close of business April 30, 2025.Series V: a quarterly dividend of $1,550.00 per share ($15.50 per each depositary share, 100 of which represent one share of Series V preferred stock) with a payment date of June 15, 2025, will be payable the next business day to shareholders of record at the close of business May 30, 2025.Series W: a quarterly dividend of $1,562.50 per share ($15.6250 per each depositary share, 100 of which represent one share of Series W preferred stock) with a payment date of June 15, 2025, will be payable the next business day to shareholders of record at the close of business May 30, 2025.

PITTSBURGH, March 4, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the first quarter of 2025 at approximately 6:30 a.m. (ET), Tuesday, April 15, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET).

Separately, PNC will hold its Annual Meeting of Shareholders at 11 a.m. (ET), Wednesday, April 23, in a virtual-only format. Event details are as follows:

78% of small and mid-sized business owners are optimistic about prospects for their own business, near the 23-year survey high mark of 79% recorded a year ago.Half of owners are optimistic about the national economy, just under the survey-high level of 56% recorded last fall.56% are optimistic about their local economy, compared to 62% six months ago.

PITTSBURGH, March 3, 2025 /PRNewswire/ -- PNC's latest semi-annual survey of small and mid-sized business owners, which concluded Feb. 4, indicates sustained optimism not just for their own businesses, but for the national and local economies as well.

PITTSBURGH, Feb. 3, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) appointed Douglas Dachille to its board of directors effective today. He has also been appointed to the board's risk committee.

Dachille served as chief investment officer of American International Group Inc. (AIG) from 2015 until 2021. He joined AIG through its acquisition of First Principles Capital Management, an institutional fixed income asset manager, which he co-founded and led as chief executive officer. Prior to First Principles, he served as president and chief operating officer of Zurich Capital Markets. Dachille began his career at JPMorgan Chase, where he was global head of proprietary trading and co-treasurer.

PITTSBURGH, Jan. 28, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance and strategy at 11:20 a.m. (ET), Tuesday, Feb. 11, at the UBS Financial Services Conference in Miami.

The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, including cautionary statements regarding forward-looking information, available prior to the start of the webcast; and a webcast replay available for 30 days.

Will Assume President & CEO-Elect Role at Fiserv

PITTSBURGH, Jan. 23, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that President Michael P. Lyons is departing PNC to assume the President & CEO-Elect role at Fiserv. Lyons joined PNC in 2011 to serve as head of Corporate & Institutional Banking and was named president in 2024.

"Mike has been with PNC for 13 years and has been instrumental in our growth and success," said PNC Chairman and CEO William S. Demchak. "He is leaving to go to a great client and partner, and we wish him well. We have built a tremendous leadership team together, and I am confident that we won't miss a step in our journey to becoming one of the largest and most successful banks in the country."

Generated Positive Operating LeverageFourth Quarter 2024 net income was $1.6 billion, $3.77 diluted EPSGrew NII and NIM; increased deposits and capital

PITTSBURGH, Jan. 16, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the quarter

For the year

In millions, except per share data and as noted

4Q24

3Q24

2024

2023

Fourth Quarter Highlights

Financial Results

Comparisons reflect 4Q24 vs. 3Q24

Net interest income (NII)

$    3,523

$    3,410

$  13,499

$ 13,916

                     Income Statement 

▪   Net interest income increased 3%      and NIM expanded 11 bps 

▪   Fee income decreased 4%, due to      elevated 3Q24 residential mortgage      and capital markets activity 

▪   Other noninterest income of $175     million

▪   Noninterest expense increased 5%     and included $97 million of asset     impairments and the benefit of an      $18 million FDIC special assessment      reduction. The combined impact of      these items was $62 million after tax 

•   The effective tax rate was 14.6% and     included income tax benefits of $60      million 

•   Net income increased 8%

               Balance Sheet

▪   Average loans and securities were     stable 

▪   Average deposits increased $3.1    billion 

▪   Net loan charge-offs were $250     million, or 0.31% annualized to      average loans 

▪   AOCI declined $1.5 billion to      negative $6.6 billion reflecting the      movement of interest rates 

▪   TBV per share was $95.33 

▪   Maintained strong capital position

–  CET1 capital ratio of 10.5%

–  Repurchased more than $0.2    billion of common shares

 

Fee income (non-GAAP)

1,869

1,953

7,345

6,955

Other noninterest income

175

69

711

619

Noninterest income

2,044

2,022

8,056

7,574

Revenue

5,567

5,432

21,555

21,490

Noninterest expense

3,506

3,327

13,524

14,012

Pretax, pre-provision earnings (non-GAAP)

2,061

2,105

8,031

7,478

Provision for credit losses

156

243

789

742

Net income

1,627

1,505

5,953

5,647

Per Common Share

Diluted earnings per share (EPS)

$      3.77

$      3.49

$    13.74

$   12.79

Average diluted common shares outstanding

399

400

400

401

Book value

122.94

124.56

122.94

112.72

Tangible book value (TBV) (non-GAAP)

95.33

96.98

95.33

85.08

Balance Sheet & Credit Quality

Average loans    In billions

$    319.1

$    319.6

$    319.8

$   323.5

Average securities    In billions

143.9

142.3

140.7

140.4

Average deposits    In billions

425.3

422.1

421.2

427.1

Accumulated other comprehensive income (loss) (AOCI)

In billions

(6.6)

(5.1)

(6.6)

(7.7)

Net loan charge-offs

250

286

1,041

710

Allowance for credit losses to total loans

1.64 %

1.65 %

1.64 %

1.70 %

Selected Ratios

Return on average common shareholders' equity

12.38 %

11.72 %

11.92 %

12.35 %

Return on average assets

1.14

1.05

1.05

1.01

Net interest margin (NIM) (non-GAAP)

2.75

2.64

2.66

2.76

Noninterest income to total revenue

37

37

37

35

Efficiency

63

61

63

65

Effective tax rate

14.6

19.2

17.8

16.2

Common equity Tier 1 (CET1) capital ratio

10.5

10.3

10.5

9.9

The statutory tax rate of 21% was used to calculate the estimated after-tax impact to net income. Totals may not sum due torounding. See non-GAAP financial measures in the Consolidated Financial Highlights accompanying this release.

 

PITTSBURGH, Jan. 3, 2025 /PRNewswire/ -- The board of directors of The PNC Financial Services Group, Inc. (NYSE: PNC) declared a quarterly cash dividend on the common stock of $1.60 per share. The dividend will be payable Feb. 5, 2025, to shareholders of record at the close of business Jan. 15, 2025.

The board also declared a cash dividend on the following series of preferred stocks:

Series B: a quarterly dividend of 45 cents per share will be payable March 10, 2025, to shareholders of record at the close of business Feb. 14, 2025.Series T: a quarterly dividend of $850.00 per share ($8.50 per each depositary share, 100 of which represent one share of Series T preferred stock) with a payment date of March 15, 2025, will be payable the next business day to shareholders of record at the close of business Feb. 28, 2025.Series U: a quarterly dividend of $1,500.00 per share ($15.00 per each depositary share, 100 of which represent one share of Series U preferred stock) with a payment date of Feb. 15, 2025, will be payable the next business day to shareholders of record at the close of business Jan. 31, 2025.Series V: a quarterly dividend of $1,550.00 per share ($15.50 per each depositary share, 100 of which represent one share of Series V preferred stock) with a payment date of March 15, 2025, will be payable the next business day to shareholders of record at the close of business Feb. 28, 2025.Series W: a quarterly dividend of $1,562.50 per share ($15.6250 per each depositary share, 100 of which represent one share of Series W preferred stock) with a payment date of March 15, 2025, will be payable the next business day to shareholders of record at the close of business Feb. 28, 2025.