PNC Reports 8% QoQ Increase in Q3 Revenue

​The PNC Financial Services Group, Inc. (NYSE: PNC) has reported financial results for Q3 2022.

Third Quarter Highlights

Comparisons reflect 3Q22 vs. 2Q22

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▪  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 by commercial and consumer loan growth

▪  Average deposits decreased 2%

–   Spot deposits declined 0.6%

▪  Provision for credit losses of $241 million; allowance for credit losses to total loans of 1.67%

▪  Net loan charge-offs were $119 million or 0.15% annualized to average loans

▪  Tangible book value decreased 6%, due to the change in AOCI

▪  PNC returned $1.7 billion of capital to shareholders

From Bill Demchak, PNC Chairman, President and Chief Executive Officer: "Our third quarter results reflected continued strong momentum across the expanded PNC footprint. We grew loans and revenue, our net interest margin increased and expenses remained well controlled, resulting in substantial positive operating leverage. Our credit quality metrics and capital levels remain solid and we continue to be well positioned for ongoing success."