PNC Posts Q1 2024 Results with Net Income Above $1.3Bn

The PNC Financial Services Group, Inc. has published its financial results for the first quarter of 2024, seeing a net income of $1.334 billion for the quarter, up 51.1% on a monthly basis.

Trading Overview for Q1 2024:

• Revenue totaled $5.145 billion for the quarter, decreasing 4.0% compared to $5.361 billion in Q4 2023 and decreasing 8.2% compared to $5.603 billion in Q1 2023.

• Net interest income came in at $3.264 billion for the period, 4.1% lower than $3.403 billion in the prior quarter and 9.0% lower than $3.585 billion in the year-ago quarter. Net interest margin stood at 2.57%, compared to 2.66% in Q4 2023 and 2.84% in Q1 2023.

• Non-interest income amounted to $1.881 billion in this Q1, down 3.9% compared to $1.958 billion in the prior quarter and down 6.8% compared to $2.018 billion in the year-ago quarter.

• Non-interest expense reached $3.334 billion for the three months, down 18.2% compared to $4.074 billion in the prior quarter and basically unchanged compared to $3.321 billion in the year-ago quarter.

• Net income rose by 51.1% from $883 million to $1.334 billion on a month-on-month basis (MoM), dropping 21.3% compared to $1.694 billion in the same period of last year.

• Average loans recorded $320.6 billion for the period, compared to $324.6 billion in Q4 2023 and $325.5 billion in Q1 2023.

• Average deposits recorded $420.2 billion for the period, compared to $423.9 billion in Q4 2023 and $436.2 billion in Q1 2023.

• Provision for credit losses decreased by 33.2% from $232 million in Q4 2023 to $155 million for this quarter, also a decrease of 34.0% compared to $235 million in the same quarter of last year.

• Diluted earnings for the quarter stood at $3.10 per common share, jumping 67.6% compared to $1.85 in the prior quarter, but decreasing 22.1% compared to $3.98 per common share in Q1 2023.

• The effective tax rate was 18.8% for the first quarter of 2024, while 16.3% for Q4 2023 and 17.2% for Q1 2023.