PNC said net income for 2024 was $6.0 billion, or $13.74 per diluted common share, an increase of $0.4 billion, or 5%, compared to net income of $5.6 billion, or $12.79 per diluted common share, for 2023. The company cited lower noninterest expense and higher noninterest income as the primary factors.

1. 01

   PNC said net income for 2024 was $6.0 billion, or $13.74 per diluted common share, an increase of $0.4 billion, or 5%, compared to net income of $5.6 billion, or $12.79 per diluted common share, for 2023. The company cited lower noninterest expense and higher noninterest income as the primary factors.

2. 02

   PNC said net interest income for 2024 decreased $0.4 billion, or 3%, to $13.5 billion, while noninterest income increased $0.5 billion, or 6%, to $8.1 billion. Noninterest expense decreased $488 million, or 3%, to $13.5 billion.

3. 03

   The company said costs related to the FDIC special assessment decreased to $112 million in 2024 from $515 million in 2023. In Q2 2024, there was a gain of $754 million related to Visa Class C shares received and a loss of $497 million from the repositioning of the investment securities portfolio.

4. 04

   PNC said it returned $3.1 billion to shareholders in 2024 through dividends on common shares of $2.5 billion and repurchases of 3.5 million common shares for $0.6 billion. The Basel III CET1 capital ratio increased to 10.5% at December 31, 2024 from 9.9% at December 31, 2023.

Key figures

Fiscal year ended December 31, 2024

Revenue

$21.6B

Net income

$6.0B

EPS

$13.74

Operating cash flow

$7.9B

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.

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.