Pnc reports third quarter 2022 net income of $1.6 billion, $3.78 diluted eps

3% avg. loan growth; 32 basis point nim expansion; 7% positive operating leverage pittsburgh , oct. 14, 2022 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 3q22 2q22 3q21 third quarter highlights financial results comparisons reflect 3q22 vs. 2q22 revenue $    5,549 $    5,116 $    5,197 ▪  operating leverage of 7%, reflecting revenue growth of 8%and expense growth of 1% ▪  net interest income grew 14% –  nim increased 32 basis points ▪  noninterest income increased modestly ▪  efficiency ratio improved to 59% ▪  ppnr increased 21% ▪  average loans grew 3%, driven bycommercial and consumer loangrowth ▪  average deposits decreased 2% –   spot deposits declined 0.6% ▪  provision for credit losses of $241million; allowance for credit losses to total loans of 1.67% ▪  net loan charge-offs were $119million or 0.15% annualized toaverage loans ▪  tangible book value decreased 6%, due to the change in aoci ▪  pnc returned $1.7 billion ofcapital to shareholders noninterest expense 3,280 3,244 3,587 pretax, pre-provision earnings (ppnr) (non-gaap) 2,269 1,872 1,610 integration costs 1 14 243 ppnr excluding integration costs (non-gaap) 2,270 1,886 1,853 provision for (recapture of) credit losses 241 36 (203) net income 1,640 1,496 1,490 per common share diluted earnings - as reported $      3.78 $      3.39 $      3.30 impact from integration costs (non-gaap) — 0.03 0.45 diluted earnings - as adjusted (non-gaap) 3.78 3.42 3.75 average diluted common shares outstanding 410 414 426 book value 97.59 101.39 121.16 tangible book value (non-gaap) 69.98 74.39 94.82 balance sheet & credit quality average loans     in billions $    313.0 $    304.8 $    291.3 average deposits    in billions 439.2 446.5 454.4 accumulated other comprehensive income (loss) (aoci)    in billions (10.5) (8.4) 1.1 net loan charge-offs 119 83 81 allowance for credit losses to total loans 1.67 % 1.65 % 2.07 % selected ratios return on average common shareholders' equity 14.97 % 13.52 % 10.95 % return on average assets 1.19 1.10 1.06 net interest margin (nim) (non-gaap) 2.82 2.50 2.27 noninterest income to total revenue 37 40 45 efficiency 59 63 69 common equity tier 1 capital ratio 9.3 9.6 10.3 diluted earnings as adjusted is a non-gaap measure calculated by excluding post-tax integration costs for bbvausa.
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