Pnc reports third quarter 2024 net income of $1.5 billion, $3.49 diluted eps

Generated positive operating leverage; grew nii; substantially increased fee income and tbv  pittsburgh , oct. 15, 2024 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 3q24 2q24 3q23 third quarter highlights financial results comparisons reflect 3q24 vs. 2q24 net interest income (nii) $    3,410 $    3,302 $    3,418           income statement ▪   generated 1% positive operatingleverage ▪   revenue stable; noninterest expense decreased 1%; ppnr increased 2% •   nii grew 3%; nim increased 4 bps •   fee income increased 10%, and included strong capital markets and advisory revenue •   other noninterest income of $69 million included negative visa derivative fair value adjustments of $128 million; 2q24 included the benefit of $141 million of significant items                balance sheet ▪   average loans were stable ▪   average deposits and securitiesincreased 1% ▪   net loan charge-offs were $286 million, or 0.36% annualized to average loans ▪   acl to total loans stable at 1.7% ▪   aoci improved $2.4 billion or 32% ▪   tbv per share increased 9% ▪   maintained strong capital position –  cet1 capital ratio of 10.3% –  repurchased more than $0.1 billion of common shares   fee income (non-gaap) 1,953 1,777 1,721 other noninterest income 69 332 94 noninterest income 2,022 2,109 1,815 revenue 5,432 5,411 5,233 noninterest expense 3,327 3,357 3,245 pretax, pre-provision earnings (ppnr) (non-gaap) 2,105 2,054 1,988 provision for credit losses 243 235 129 net income 1,505 1,477 1,570 per common share diluted earnings per share (eps) $      3.49 $      3.39 $      3.60 average diluted common shares outstanding 400 400 400 book value 124.56 116.70 105.98 tangible book value (tbv) (non-gaap) 96.98 89.12 78.16 balance sheet & credit quality average loans    in billions $    319.6 $    319.9 $    319.5 average securities    in billions 142.3 141.3 139.7 average deposits    in billions 422.1 417.2 422.5 accumulated other comprehensive income (loss) (aoci) in billions (5.1) (7.4) (10.3) net loan charge-offs 286 262 121 allowance for credit losses (acl) to total loans 1.65 % 1.67 % 1.70 % selected ratios return on average common shareholders' equity 11.72 % 12.16 % 13.65 % return on average assets 1.05 1.05 1.12 net interest margin (nim) (non-gaap) 2.64 2.60 2.71 noninterest income to total revenue 37 39 35 efficiency 61 62 62 common equity tier 1 (cet1) capital ratio 10.3 10.2 9.8 see non-gaap financial measures in the consolidated financial highlights accompanying this release.
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