Pnc reports full year 2023 net income of $5.6 billion, $12.79 diluted eps or $14.10 as adjusted

Fourth quarter 2023 net income was $0.9 billion, $1.85 diluted eps or $3.16 as adjusted grew revenue; increased average loans and deposits pittsburgh , jan. 16, 2024 /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 4q23 3q23 2023 2022 fourth quarter highlights financial results comparisons reflect 4q23 vs. 3q23 revenue $    5,361 $    5,233 $  21,490 $ 21,120  income statement ▪   revenue increased 2% due to strong      noninterest income growth ▪   core noninterest expense increased     5% primarily reflecting higher      business activity –  core noninterest expense excludes     $515 million related to the fdic     special assessment and $150     million of workforce reduction     charges ▪   provision for credit losses of $232     million balance sheet ▪   average loans increased 2% ▪   average deposits grew modestly ▪   acl to total loans of 1.7% was stable ▪   net loan charge-offs were $200 million,     or 0.24% annualized to average loans ▪   aoci improved $2.6 billion to negative     $7.7 billion, reflecting favorable interest      rate movements ▪   tbv increased to $85.08 ▪   cet1 capital ratio of 9.9% –  repurchased $0.1 billion of common    shares       noninterest expense (nie) 4,074 3,245 14,012 13,170 non-core nie adjustments 665 — 665 — core nie (non-gaap) 3,409 3,245 13,347 13,170 pretax, pre-provision earnings - as adjusted (non-gaap) 1,952 1,988 8,143 7,950 provision for credit losses 232 129 742 477 net income 883 1,570 5,647 6,113 per common share diluted earnings $      1.85 $      3.60 $    12.79 $   13.85 impact from non-core nie adjustments 1.31 — 1.31 — diluted earnings - as adjusted (non-gaap) 3.16 3.60 14.10 13.85 average diluted common shares outstanding 401 400 401 412 book value 112.72 105.98 112.72 99.93 tangible book value (tbv) (non-gaap) 85.08 78.16 85.08 72.12 balance sheet & credit quality average loans    in billions $    324.6 $    319.5 $    323.5 $   307.7 average deposits    in billions 423.9 422.5 427.1 443.4 accumulated other comprehensive income (loss) (aoci)    in billions (7.7) (10.3) (7.7) (10.2) net loan charge-offs 200 121 710 563 allowance for credit losses (acl) to total loans 1.70 % 1.70 % 1.70 % 1.67 % selected ratios return on average common shareholders' equity 6.93 % 13.65 % 12.35 % 13.52 % return on average assets 0.62 1.12 1.01 1.11 net interest margin (nim) (non-gaap) 2.66 2.71 2.76 2.65 noninterest income to total revenue 37 35 35 38 efficiency 76 62 65 62 efficiency - as adjusted (non-gaap) 64 62 62 62 common equity tier 1 (cet1) capital ratio 9.9 9.8 9.9 9.1 core nie is a non-gaap measure calculated by excluding non-core nie adjustments from noninterest expense.
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