Pnc reports first quarter 2024 net income of $1.3 billion, $3.10 diluted eps, or $3.36 excluding a $130 million fdic special assessment

Grew liquidity and capital; reduced expenses; credit quality stable pittsburgh , april 16, 2024 /prnewswire/ -- the pnc financial services group, inc. (nyse: pnc) today reported: for the quarter in millions, except per share data and as noted 1q24 4q23 1q23 first quarter highlights financial results comparisons reflect 1q24 vs. 4q23 revenue $    5,145 $    5,361 $    5,603   income statement   ▪  revenue decreased 4% ▪  core noninterest expenses declined 6% ▪  generated positive operating leverage; efficiency improved ▪  provision for credit losses of $ 155 million balance sheet ▪  average loans decreased 1% ▪  average deposits decreased 1% –  spot deposits increased 1% ▪  acl to total loans stable at 1.7% ▪  net loan charge-offs were $ 243 million, or 0.30% annualized to average loans ▪  aoci was negative $8.0 billion, compared to negative $7.7 billion, reflecting higher interest rates ▪  tbv per share increased to $85.70 ▪  federal reserve bank balances averaged $47.8 billion, an increase of $5.6 billion ▪  maintained strong capital position –  cet1 capital ratio of 10.1% –  repurchased $0.1 billion of common shares noninterest expense (nie) 3,334 4,074 3,321 non-core nie adjustments 130 665 — core nie (non-gaap) 3,204 3,409 3,321 pretax, pre-provision earnings - as adjusted (non-gaap) 1,941 1,952 2,282 provision for credit losses 155 232 235 net income 1,344 883 1,694 per common share diluted earnings $      3.10 $      1.85 $      3.98 impact from non-core nie adjustments 0.26 1.31 — diluted earnings - as adjusted (non-gaap) 3.36 3.16 3.98 average diluted common shares outstanding 400 401 402 book value 113.30 112.72 104.76 tangible book value (tbv) (non-gaap) 85.70 85.08 76.90 balance sheet & credit quality average loans    in billions $    320.6 $    324.6 $    325.5 average deposits    in billions 420.2 423.9 436.2 accumulated other comprehensive income (loss) (aoci)    in billions (8.0) (7.7) (9.1) net loan charge-offs 243 200 195 allowance for credit losses (acl) to total loans 1.68 % 1.70 % 1.66 % selected ratios return on average common shareholders' equity 11.39 % 6.93 % 16.11 % return on average assets 0.97 0.62 1.22 net interest margin (nim) (non-gaap) 2.57 2.66 2.84 noninterest income to total revenue 37 37 36 efficiency 65 76 59 efficiency - as adjusted (non-gaap) 62 64 59 common equity tier 1 (cet1) capital ratio 10.1 9.9 9.2 core nie is a non-gaap measure calculated by excluding non-core nie adjustments from noninterest expense.
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