The PNC Financial Services Group, Inc (PNC) came out with quarterly earnings of $3.77 per share, beating the Zacks Consensus Estimate of $3.30 per share. This compares to earnings of $3.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.24%. A quarter ago, it was expected that this company would post earnings of $3.29 per share when it actually produced earnings of $3.49, delivering a surprise of 6.08%.Over the last four qu ...

Financial Performance - Total interest income for Q4 2024 was $6,494 million, an increase from $6,500 million in Q4 2023, with loans contributing $4,731 million[6] - Net interest income for Q4 2024 was $3,523 million, compared to $3,264 million in Q4 2023, reflecting a year-over-year increase of 7.9%[6] - Noninterest income totaled $2,044 million in Q4 2024, up from $1,881 million in Q4 2023, marking an increase of 8.7%[6] - Net income attributable to common shareholders for Q4 2024 was $1,514 million, resulting in earnings per share of $3.77, compared to $3.10 in Q4 2023[6] - The efficiency ratio improved to 63% in Q4 2024, down from 65% in Q4 2023, indicating better cost management[6] - Total revenue for the year ended December 31, 2024, was $21,555 million, slightly up from $21,490 million in 2023[6] - The net interest margin for Q4 2024 was 2.75%, an increase from 2.66% in Q4 2023[13] - Total revenue for the year ended December 31, 2024, was $14,515 million, up from $12,925 million in 2023, reflecting a year-over-year increase of 12.3%[36] - Net income excluding noncontrolling interests for the year ended December 31, 2024, was $5,889 million, compared to $5,578 million for the year ended December 31, 2023, an increase of 5.6%[35] Credit Quality - The provision for credit losses was $156 million in Q4 2024, a decrease from $235 million in Q4 2023, indicating improved credit quality[6] - The allowance for loan and lease losses was $4.486 billion, slightly reduced from $4.589 billion in the previous quarter[8] - Total gross charge-offs for the year amounted to $1,435 million, compared to $1,092 million in the previous year, reflecting a 31.4% increase[16] - The provision for credit losses for the three months ended December 31, 2024, was $156 million, a decrease from $243 million in the previous quarter[18] - The allowance for credit losses increased to $5,205 million as of December 31, 2024, compared to $5,314 million on September 30, 2024, and $5,454 million on December 31, 2023[19] - Total nonperforming loans reached $2,326 million as of December 31, 2024, down from $2,578 million on September 30, 2024, and up from $2,180 million on December 31, 2023[20] - The ratio of nonperforming loans to total loans was 0.73% as of December 31, 2024, compared to 0.80% on September 30, 2024, and 0.68% on December 31, 2023[20] - The ending balance of nonperforming assets was $2,357 million as of December 31, 2024, a decrease from $2,609 million on September 30, 2024[21] Assets and Liabilities - Total assets as of December 31, 2024, were $560.038 billion, a decrease from $564.881 billion on September 30, 2024[8] - Total liabilities stood at $505.569 billion, a decrease from $509.152 billion in the previous quarter[8] - Total deposits increased to $426.738 billion, compared to $423.966 billion in the prior quarter, reflecting a growth of 0.6%[8] - Total investment securities increased to $143.863 billion as of December 31, 2024, compared to $142.314 billion in the prior quarter, reflecting a growth of 1.09%[10] - The total assets of the company were reported at $564.098 billion, a slight decrease from $569.513 billion in the previous quarter[10] Employee and Branch Network - PNC's retail branch network continues to expand, with strategic international offices in four countries outside the U.S.[4] - The company reported a total of 1,905 employees at the end of Q4 2024, reflecting ongoing growth in its workforce[6] - Total full-time employees decreased to 53,686 in December 2024 from 54,813 in December 2023, a reduction of 2.1%[32] Loan Performance - Total loans as of December 31, 2024, amounted to $316.467 billion, a slight decrease from $321.508 billion a year earlier[15] - Total loans remained stable at $319.058 billion for the three months ended December 31, 2024, compared to $319.602 billion in the previous quarter[10] - Commercial and industrial loans totaled $175.790 billion as of December 31, 2024, down from $177.580 billion a year prior[15] - Consumer loans totaled $100.303 billion as of December 31, 2024, a decrease from $101.950 billion a year earlier[15] Noninterest Income and Expenses - Noninterest income for Q4 2024 was $708 million, compared to $722 million in Q4 2023, indicating a decrease of 1.9%[36] - Total noninterest expense for Q4 2024 was $981 million, slightly up from $950 million in Q3 2024[41] Return on Assets - Return on average assets for Q4 2024 was 3.71%, down from 4.39% in Q4 2023, reflecting a decrease of 15.5%[36] - The return on average assets improved to 2.38% in Q4 2024, up from 2.09% in Q3 2024[41] - Return on average assets for Q4 2024 was 2.43%, slightly down from 2.44% in Q3 2024[47]

Generated Positive Operating LeverageFourth Quarter 2024 net income was $1.6 billion, $3.77 diluted EPSGrew NII and NIM; increased deposits and capital PITTSBURGH, Jan. 16, 2025 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported: For the quarter For the year In millions, except per share data and as noted 4Q24 3Q24 2024 2023 Fourth Quarter Highlights Financial Results Comparisons reflect 4Q24 vs. 3Q24 Net interest income (NII) $    3,52 ...

Wall Street analysts expect The PNC Financial Services Group, Inc (PNC) to post quarterly earnings of $3.30 per share in its upcoming report, which indicates a year-over-year increase of 4.4%. Revenues are expected to be $5.47 billion, up 2.1% from the year-ago quarter.The current level reflects an upward revision of 1.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this ...

The PNC Financial Services Group, Inc. (PNC) is scheduled to report fourth-quarter 2024 earnings on Jan. 16, before the opening bell. The bank’s fourth-quarter 2024 revenues and earnings are expected to have improved from the year-ago quarter’s reported level.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, PNC’s earnings outpaced the Zacks Consensus Estimate, driven by a rise in fee income and higher loan balance. However, a decline in NII and an increa ...

Earnings Outlook for PNC Financial Services Group - PNC Financial Services Group is expected to report a year-over-year increase in earnings and revenues for the quarter ended December 2024 [1] - The consensus estimate for quarterly earnings is $3.30 per share, representing a year-over-year increase of 4.4% [3] - Revenues are expected to be $5.47 billion, up 2.1% from the year-ago quarter [3] - The stock price may move higher if the actual results exceed expectations, or lower if they miss [2] Estimate Revisions and Earnings ESP - The consensus EPS estimate for PNC has been revised 1.1% higher over the last 30 days [4] - The Most Accurate Estimate for PNC is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.31% [11] - A positive Earnings ESP combined with a Zacks Rank of 3 (Hold) suggests PNC is likely to beat the consensus EPS estimate [11] - Stocks with a positive Earnings ESP and Zacks Rank of 1, 2, or 3 produce a positive surprise nearly 70% of the time [8] Historical Earnings Performance - PNC has beaten consensus EPS estimates in each of the last four quarters [13] - In the last reported quarter, PNC delivered a surprise of +6.08%, with actual earnings of $3.49 per share compared to the expected $3.29 [12] Industry Comparison - Bank of America (BAC), another player in the Financial - Investment Bank industry, is expected to post earnings of $0.78 per share for the quarter ended December 2024, a year-over-year increase of 11.4% [17] - BAC's revenues are expected to be $25.23 billion, up 14.9% from the year-ago quarter [17] - BAC's consensus EPS estimate has been revised 0.7% higher over the last 30 days, but it has an Earnings ESP of -1.09%, making it difficult to predict an earnings beat [18] - BAC has beaten consensus EPS estimates in each of the trailing four quarters [18]

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The PNC Financial Services Group, Inc. (PNC) shares have gained 26.8% in the past six months, outperforming the industry’s growth of 21.6%. The stock has also outperformed its close peers like Bank of America Corporation (BAC) and Citigroup Inc. (C) in the same time frame.Six-Month Price Performance Image Source: Zacks Investment Research After such a strong rally, investors are left wondering whether they should buy the PNC stock now or wait for a better entry point. Let us find out.What’s Aiding PNC’s Per ...

The PNC Financial Services Group, Inc. (NYSE:PNC) Goldman Sachs 2024 U.S. Financial Services Conference Transcript November 10, 2024 1:00 PM ET Company Participants William Demchak - CEO and Chairman Robert Reilly - Vice President & Chief Financial Officer Conference Call Participants Richard Ramsden - Goldman Sachs Richard Ramsden Okay, so I'm delighted to be joined by Bill Demchak. Bill is the CEO and Chairman of PNC. On my calculations, I think it's the 10 time that you have presented this in a row, alth ...

PITTSBURGH, Dec. 5, 2024 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) expects to issue financial results for the fourth quarter and full year 2024 at approximately 6:30 a.m. (ET), Thursday, Jan. 16, 2025, as previously announced. PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors the same day at 10 a.m. (ET).Dial in numbers are (866) 604-1697 and (215) 268-9875 ( ...