PNC(US:PNC)2025-01-16 11:32Financial 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]