Pnc reports first quarter 2025 net income of $1.5 billion, $3.51 diluted eps

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.
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