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AI English summary of an SEC filing — figures as filed

PNC Financial Services logoPNC Financial Services PNC

The company said it reported net income of $1,344 million for Q1 2024, with diluted earnings per share of $3.10. Excluding the FDIC special assessment of $130 million pre-tax, adjusted diluted earnings per share were $3.36.

8-KResults of Operations and Financial ConditionFiled Period of report Summary published (UTC)

Key points

AI summary

  1. The company said it reported net income of $1,344 million for Q1 2024, with diluted earnings per share of $3.10. Excluding the FDIC special assessment of $130 million pre-tax, adjusted diluted earnings per share were $3.36.

  2. PNC said total revenue for Q1 was $5,145 million, down 4% from $5,361 million in the prior quarter. It said both net interest income of $3,264 million and noninterest income of $1,881 million were lower than in the previous quarter.

  3. The company said noninterest expense for Q1 was $3,334 million, down 18% from $4,074 million in the prior quarter. Excluding non-core adjustments of $130 million, core noninterest expense (non-GAAP) was $3,204 million, down 6%.

  4. The company said it returned $0.8 billion of capital to shareholders in Q1, including more than $0.6 billion in common stock dividends and more than $0.1 billion in repurchases of 0.9 million shares. The Basel III common equity Tier 1 capital ratio was an estimated 10.1% as of March 31, 2024.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

PNC Q1 net income $1,344 million, diluted EPS $3.10

The company said it reported net income of $1,344 million for Q1 2024, with diluted earnings per share of $3.10. Excluding the FDIC special assessment of $130 million pre-tax, adjusted diluted earnings per share were $3.36.

Source · Based on the filing body and exhibits

Total revenue $5,145 million, net interest and noninterest income down

PNC said total revenue for Q1 was $5,145 million, down 4% from $5,361 million in the prior quarter. It said both net interest income of $3,264 million and noninterest income of $1,881 million were lower than in the previous quarter.

Source · Based on the filing body and exhibits

Noninterest expense $3,334 million, core noninterest expense $3,204 million

The company said noninterest expense for Q1 was $3,334 million, down 18% from $4,074 million in the prior quarter. Excluding non-core adjustments of $130 million, core noninterest expense (non-GAAP) was $3,204 million, down 6%.

Source · Based on the filing body and exhibits

Capital return $0.8 billion, estimated CET1 ratio 10.1%

The company said it returned $0.8 billion of capital to shareholders in Q1, including more than $0.6 billion in common stock dividends and more than $0.1 billion in repurchases of 0.9 million shares. The Basel III common equity Tier 1 capital ratio was an estimated 10.1% as of March 31, 2024.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.