PNC said net income for Q2 2024 was $1.5 billion, or $3.39 per diluted common share, up $133 million from $1.3 billion, or $3.10 per share, in Q1, a 10% increase. The company said higher noninterest and net interest income were partly offset by a higher provision for credit losses.

10-QQuarterly reportFiled Aug 2, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

PNC said net income for Q2 2024 was $1.5 billion, or $3.39 per diluted common share, up $133 million from $1.3 billion, or $3.10 per share, in Q1, a 10% increase. The company said higher noninterest and net interest income were partly offset by a higher provision for credit losses.
The company said noninterest income for Q2 2024 included a $754 million gain from PNC's participation in the Visa exchange program and a $497 million securities loss tied to the repositioning of the investment securities portfolio. Visa Class B derivative fair value adjustments in the same quarter were negative $116 million.
The company said net income for the first six months of 2024 was $2.8 billion, or $6.48 per diluted common share, down $373 million from $3.2 billion, or $7.34 per share, for the first six months of 2023, a 12% decrease. It said net interest income fell $529 million, or 7%, as higher funding costs more than offset the benefit of higher interest-earning asset yields.
PNC returned $0.7 billion to shareholders in Q2 2024, the company said, consisting of $0.6 billion in common dividends and $0.1 billion in common share repurchases, or 0.7 million shares. On July 2, 2024, its board raised the quarterly cash dividend on common stock to $1.60 per share, an increase of 5 cents.

Key figures

Quarter ended June 30, 2024

Revenue: $5.4B
Net income: $1.5B
EPS: $3.39

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

PNC Q2 net income $1.5 billion

PNC said net income for Q2 2024 was $1.5 billion, or $3.39 per diluted common share, up $133 million from $1.3 billion, or $3.10 per share, in Q1, a 10% increase. The company said higher noninterest and net interest income were partly offset by a higher provision for credit losses.

Source · Based on the MD&A text of the filing

Visa Exchange Program Gain and Securities Loss

The company said noninterest income for Q2 2024 included a $754 million gain from PNC's participation in the Visa exchange program and a $497 million securities loss tied to the repositioning of the investment securities portfolio. Visa Class B derivative fair value adjustments in the same quarter were negative $116 million.

Source · Based on the MD&A text of the filing

First-Half Net Income and Net Interest Income Decline

The company said net income for the first six months of 2024 was $2.8 billion, or $6.48 per diluted common share, down $373 million from $3.2 billion, or $7.34 per share, for the first six months of 2023, a 12% decrease. It said net interest income fell $529 million, or 7%, as higher funding costs more than offset the benefit of higher interest-earning asset yields.

Source · Based on the MD&A text of the filing

PNC Capital Return and Quarterly Dividend Increase in Q2

PNC returned $0.7 billion to shareholders in Q2 2024, the company said, consisting of $0.6 billion in common dividends and $0.1 billion in common share repurchases, or 0.7 million shares. On July 2, 2024, its board raised the quarterly cash dividend on common stock to $1.60 per share, an increase of 5 cents.

Source · Based on the MD&A text of the filing

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

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