Pnc reports third quarter 2023 net income of $1.6 billion, $3.60 diluted eps

Generated positive operating leverage; increased pretax, pre-provision earnings grew capital and tangible book value pittsburgh , oct. 13, 2023 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 3q23 2q23 3q22 third quarter highlights financial results comparisons reflect 3q23 vs. 2q23 revenue $  5,233 $  5,293 $  5,549 income statement   ▪   generated positive operating      leverage of 3% ▪   revenue declined 1% ▪   expenses were well controlled,     decreasing 4% ▪   ppnr increased 3% ▪   provision for credit losses of     $129 million   balance sheet   ▪   average l oans decreased 2% ▪   average d eposits declined 1% ▪   federal reserve bank balances     averaged $37.9 billion, an     increase of $7.3 billion ▪   acl to total loans was stable ▪   net loan charge-offs were $121     million, or 0.15% annualized to     average loans ▪   aoci was a negative $10.3     billion, reflecting the     unfavorable impact of interest rate     movements ▪   tbv increased to $78.16 ▪   cet1 capital ratio increased 30     basis points to 9.8% noninterest expense 3,245 3,372 3,280 pretax, pre-provision earnings (ppnr) (non-gaap) 1,988 1,921 2,269 provision for credit losses 129 146 241 net income 1,570 1,500 1,640 per common share diluted earnings $    3.60 $    3.36 $    3.78 average diluted common shares outstanding 400 401 410 book value 105.98 105.67 97.59 tangible book value (tbv) (non-gaap) 78.16 77.80 69.98 balance sheet & credit quality average loans    in billions $  319.5 $  324.5 $  313.0 average deposits    in billions 422.5 425.7 439.2 accumulated other comprehensive income (loss) (aoci)    in billions (10.3) (9.5) (10.5) net loan charge-offs 121 194 119 allowance for credit losses (acl) to total loans 1.70 % 1.68 % 1.67 % selected ratios return on average common shareholders' equity 13.65 % 13.01 % 14.97 % return on average assets 1.12 1.08 1.19 net interest margin (nim) (non-gaap) 2.71 2.79 2.82 noninterest income to total revenue 35 34 37 efficiency 62 64 59 common equity tier 1 (cet1) capital ratio 9.8 9.5 9.3 see non-gaap financial measures in the consolidated financial highlights accompanying this release.
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