PNC Financial Services Group, Inc. is one of the largest diversified financial services companies in the United States, offering a wide range of banking, investment, and asset management services. The firm operates retail banking branches nationwide and has strategic international offices.

For the fourth quarter of 2024, PNC reported a net income of $1.6 billion, an increase of 8% from the previous quarter’s net income of $1.5 billion. The diluted earnings per share (EPS) for the quarter rose to $3.77, up from $3.49 in the third quarter. For the fourth quarter of 2023, PNC’s net income was significantly lower at $883 million, resulting in the year-over-year net income growth of 84%.

Total revenue for the fourth quarter of 2024 was $5.6 billion, an increase of $135 million, or 2%, from $5.4 billion in the third quarter. This led to total revenue growth of $206 million, or 4%, compared to $5.36 billion in the same quarter a year ago. Net interest income (NII) for the fourth quarter increased 3% to $3.5 billion, compared to $3.4 billion in the third quarter and $3.4 billion in the fourth quarter of 2023. The net interest margin (NIM) grew to 2.75%, reflecting an increase of 11 basis points from the prior quarter and 9 basis points from the same quarter last year.

Noninterest income for the quarter decreased to $2.04 billion from $2.02 billion in the previous quarter, but increased from $1.96 billion in the corresponding quarter last year. The effective tax rate was 14.6% for 4Q24, down from 19.2% in 3Q24.

On the expense side, noninterest expense for the fourth quarter rose to $3.5 billion, reflecting a 5% increase from $3.3 billion in the third quarter. A significant factor included $97 million attributable to asset impairments. The provision for credit losses stood at $156 million, a marked decline from $243 million in the third quarter, indicating improved credit quality.

Average loans remained stable at $319.1 billion for the fourth quarter, with average deposits increasing to $425.3 billion, a growth of $3.1 billion from the third quarter. The common equity Tier 1 (CET1) capital ratio improved to an estimated 10.5% compared to 10.3% in the prior quarter. PNC repurchased more than $0.2 billion of common shares during the fourth quarter.

The company maintained a strong capital position, with a total shareholders’ equity amounting to $54.4 billion as of December 31, 2024. Accumulated other comprehensive income (loss) decreased to $(6.6) billion.