PNC(PNC)2025-01-16 11:32Financial Performance - Total interest income for Q4 2024 was 6,500 million in Q4 2023, with loans contributing 3,523 million, compared to 2,044 million in Q4 2024, up from 1,514 million, resulting in earnings per share of 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 21,490 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 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 5,578 million for the year ended December 31, 2023, an increase of 5.6%[35] Credit Quality - The provision for credit losses was 235 million in Q4 2023, indicating improved credit quality[6] - The allowance for loan and lease losses was 4.589 billion in the previous quarter[8] - Total gross charge-offs for the year amounted 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 243 million in the previous quarter[18] - The allowance for credit losses increased to 5,314 million on September 30, 2024, and 2,326 million as of December 31, 2024, down 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 2,609 million on September 30, 2024[21] Assets and Liabilities - Total assets as of December 31, 2024, were 564.881 billion on September 30, 2024[8] - Total liabilities stood at 509.152 billion in the previous quarter[8] - Total deposits increased to 423.966 billion in the prior quarter, reflecting a growth of 0.6%[8] - Total investment securities increased to 142.314 billion in the prior quarter, reflecting a growth of 1.09%[10] - The total assets of the company were reported at 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 321.508 billion a year earlier[15] - Total loans remained stable at 319.602 billion in the previous quarter[10] - Commercial and industrial loans totaled 177.580 billion a year prior[15] - Consumer loans totaled 101.950 billion a year earlier[15] Noninterest Income and Expenses - Noninterest income for Q4 2024 was 722 million in Q4 2023, indicating a decrease of 1.9%[36] - Total noninterest expense for Q4 2024 was 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]