Pnc reports second quarter 2022 net income of $1.5 billion, $3.39 diluted eps or $3.42 as adjusted

5% loan growth; 22 basis point nim expansion; 7% positive operating leverage pittsburgh , july 15, 2022 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 2q22 1q22 2q21 second quarter highlights comparisons reflect 2q22 vs. 1q22 financial results revenue $    5,116 $    4,692 $    4,667 ▪  operating leverage of 7%, reflecting revenue growth of 9% and expense growth of 2%   ▪  net interest and noninterest income each grew 9%   ▪  nim increased 22 basis points   ▪  ppnr increased 23%   ▪  average loans grew 5%, driven by commercial loan growth   ▪  average deposits decreased 2%   ▪  provision for credit losses of $36 million   ▪  net loan charge-offs were $83 million or 0.11% of annualized average loans   ▪  tangible book value decreased 7%, due to the change in aoci –  held to maturity securities were 60% of investment securities at june 30   ▪  pnc returned $1.4 billion of capital to shareholders noninterest expense 3,244 3,172 3,050 pretax, pre-provision earnings (ppnr) (non-gaap) 1,872 1,520 1,617 integration costs 14 31 111 ppnr excluding integration costs (non-gaap) 1,886 1,551 1,728 provision for (recapture of) credit losses 36 (208) 302 net income 1,496 1,429 1,103 per common share diluted earnings - as reported $      3.39 $      3.23 $      2.43 impact from integration costs (non-gaap) 0.03 0.06 0.21 diluted earnings - as adjusted (non-gaap) 3.42 3.29 2.64 average diluted common shares outstanding 414 420 427 book value 101.39 106.47 120.25 tangible book value (non-gaap) 74.39 79.68 93.83 balance sheet & credit quality average loans    in billions $    304.8 $    290.7 $    255.6 average deposits     in billions 446.5 453.3 401.7 accumulated other comprehensive income (loss) (aoci)    in billions (8.4) (5.7) 1.5 net loan charge-offs 83 137 306 allowance for credit losses to total loans 1.65 % 1.76 % 2.16 % selected ratios return on average common shareholders' equity 13.52 % 11.64 % 8.32 % return on average assets 1.10 1.05 0.88 net interest margin (nim) (non-gaap) 2.50 2.28 2.29 noninterest income to total revenue 40 40 45 efficiency 63 68 65 common equity tier 1 capital ratio 9.6 9.9 10.1 diluted earnings as adjusted is a non-gaap measure calculated by excluding post-tax integration costs for bbva usa.
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