Pnc reports full year 2021 net income of $5.7 billion, $12.70 diluted eps or $14.18 as adjusted

Pittsburgh, jan. 18, 2022 /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 4q21 3q21 2021 2020 fourth quarter highlights ▪  diluted eps as adjusted was$3.68, excluding $438 million ofpre-tax integration costs relatedto bbva usa ▪  approximately 95% ofintegration costs incurred todate ▪  revenue decreased 1% linked quarter, reflecting lower noninterest income whichincluded the negative impact of$47 million of integration costs ▪  expenses increased 6% linkedquarter, including integration expenses of $391 million andhigher personnel costs ▪  provision recapture of $327million ▪  average loans decreased 1%linked quarter as commercialloan growth was more thanoffset by $4.7 billion of ppp loanforgiveness ▪  average deposits declined modestly linked quarter due tolegacy bbva usa commercial deposit outflows reflecting the impact of strategic repricing decisions ▪  net loan charge-offs of $124 million or 0.17% of annualizedaverage loans financial results revenue $   5,127 $  5,197 $ 19,211 $ 16,901 noninterest expense 3,791 3,587 13,002 10,297 pretax, pre-provision earnings (non-gaap) 1,336 1,610 6,209 6,604 integration costs 438 243 798 7 pretax, pre-provision earnings excludingintegration costs (non-gaap) 1,774 1,853 7,007 6,611 provision for (recapture of) credit losses (327) (203) (779) 3,175 net income from continuing operations 1,306 1,490 5,725 3,003 per common share diluted earnings from continuing operations -as reported $     2.86 $    3.30 $  12.70 $    6.36 impact from integration costs (non-gaap) 0.82 0.45 1.48 0.01 diluted earnings from continuing operations -as adjusted (non-gaap) 3.68 3.75 14.18 6.37 book value 120.61 121.16 120.61 119.11 tangible book value (non-gaap) 94.11 94.82 94.11 97.43 balance sheet & credit quality average loans (in billions) $   288.9 $  291.3 $  268.7 $  252.6 average deposits (in billions) 452.8 454.4 418.9 333.8 net loan charge-offs 124 81 657 832 allowance for credit losses to total loans 1.92% 2.07% 1.92% 2.46% selected ratios return on average common equity 9.61% 10.95% 10.78% 15.21% return on average assets 0.92 1.06 1.09 1.68 net interest margin (non-gaap) 2.27 2.27 2.29 2.53 noninterest income to total revenue 44 45 45 41 efficiency 74 69 68 61 efficiency excluding integration costs (non-gaap) 66 64 64 61 common equity tier 1 capital ratio 10.2 10.3 10.2 12.2 diluted earnings as adjusted is a non-gaap measure calculated by excluding post-tax integration costs for bbvausa. see this and other non-gaap financial measures in the consolidated financial highlights accompanying thisrelease.
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