The PNC Financial Services Group, Inc. today reported second quarter 2024 net income of $1.5 billion, which translates to $3.39 diluted EPS.
Second quarter highlights1 include:
- Income Statement
- NII and NIM increased, marking the beginning of a growth trajectory towards expected record NII in 2025
- Generated positive operating leverage with PPNR up 13%
- Included a gain on Visa share exchange of $754 million substantially offset by other significant items, resulting in a $35 million, or 9 cent, benefit to EPS
- Balance Sheet
- Average loans and deposits were relatively stable
- Net loan charge-offs were $262 million, or 0.33% annualized to average loans
- ACL to total loans stable at 1.7%
- AOCI improved $0.6 billion, including securities repositioning impact
- Maintained strong capital position with CET1 capital ratio of 10.2%
1Comparisons reflect 2Q24 vs. 1Q24
Quote from Bill Demchak, PNC Chairman and Chief Executive Officer:
"PNC delivered strong results in the second quarter; generating positive operating leverage through revenue growth and well controlled expenses while adding customers, and strengthening our capital levels. Importantly, net interest income and net interest margin increased, marking the beginning of our growth trajectory towards expected record NII in 2025. In June, the Federal Reserve announced the results of the annual stress test and PNC's start-to-trough CET1 ratio depletion was 1.6%, the best in our peer group. And earlier this month, our board approved a 5 cent increase to our quarterly common stock dividend.”
As a reminder, Bill Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 10 a.m. ET. A link to live audio of the conference call, the earnings release, presentation materials and supplementary financial information will be available at www.pnc.com/investorevents. To listen by telephone, dial (866) 604-1697. A telephone replay of the call will be available for one week at (877) 660-6853, conference ID 13746966, and a replay of the audio webcast will be available on PNC’s website for 30 days.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
