Pnc reports second quarter 2024 net income of $1.5 billion, $3.39 diluted eps

Generated positive operating leverage; grew nii and nim; maintained 2.5% scb requirement increased quarterly common stock dividend 5 cents to $1.60 per share on july 2, 2024 pittsburgh , july 16, 2024 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 2q24 1q24 2q23 second quarter highlights financial results comparisons reflect 2q24 vs. 1q24 net interest income (nii) $    3,302 $    3,264 $    3,510 income statement noninterest income 2,109 1,881 1,783 ▪   generated positive operating leverage; ppnr increased 13% revenue 5,411 5,145 5,293 noninterest expense 3,357 3,334 3,372 ▪   revenue increased 5% pretax, pre-provision earnings (ppnr) (non-gaap) 2,054 1,811 1,921 –  nii and nim increased provision for credit losses 235 155 146 ▪   noninterest expense increased 1% net income 1,477 1,344 1,500 ▪   gain on visa share exchange of$754 million substantially offset by other significant items, resulting in a 9 cent benefit to eps per common share diluted earnings per share (eps) $      3.39 $      3.10 $      3.36 balance sheet average diluted common shares outstanding 400 400 401 ▪   average loans and deposits were relatively stable book value 116.70 113.30 105.67 tangible book value (tbv) (non-gaap) 89.12 85.70 77.80 ▪   average securities increased 4% ▪   net loan charge-offs were $262 million, or 0.33% annualized to average loans balance sheet & credit quality average loans    in billions $    319.9 $    320.6 $    324.5 ▪   acl to total loans stable at 1.7% average securities    in billions 141.3 135.4 141.0 ▪   aoci improved $0.6 billion, including securities repositioning impact average deposits    in billions 417.2 420.2 425.7 accumulated other comprehensive income (loss) (aoci) in billions (7.4) (8.0) (9.5) ▪   tbv per share increased 4% net loan charge-offs 262 243 194 ▪   maintained strong capital position allowance for credit losses (acl) to total loans 1.67 % 1.68 % 1.68 % –  cet1 capital ratio of 10.2% –  maintained regulatory minimum stress capital buffer (scb) of2.5% selected ratios return on average common shareholders' equity 12.16 % 11.39 % 13.01 % –  increased quarterly common stockdividend 5 cents to $1.60 per share on july 2, 2024 return on average assets 1.05 0.97 1.08 net interest margin (nim) (non-gaap) 2.60 2.57 2.79 noninterest income to total revenue 39 37 34 efficiency 62 65 64 common equity tier 1 (cet1) capital ratio 10.2 10.1 9.5 see non-gaap financial measures in the consolidated financial highlights accompanying this release.
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