PNC(US:PNC)2024-07-16 13:56Financial Performance - Net income was $1477 million, and diluted EPS was $339[37] - Net interest income grew to $3302 million[37] - Total revenue increased by 5% compared to 1Q24, reaching $5411 million[39] - Noninterest income increased 12% compared to 1Q24, reaching $2109 million[38] Balance Sheet and Capital - Average total loans were $3199 billion, a decrease of 1% compared to 2Q23[10] - Investment securities increased by 4% compared to 1Q24, reaching $1413 billion[10] - The Basel III CET1 capital ratio increased to 102%[10] - Common shareholders' equity increased by 1% compared to 1Q24, reaching $449 billion[10] Credit Quality - Allowance for credit losses to total loans was 167%[7] - NCOs(Net Loan Charge-Offs) / Average Loans was 033%[46] - Office CRE portfolio's total loans was $75 billion, with 110% classified as NPL(Nonperforming Loans)[79] Outlook - The company expects net interest income to increase by 1%-2% in 3Q24 compared to 2Q24[54] - The company expects fee income to increase by 1%-2% in 3Q24 compared to 2Q24[54] - The company expects core noninterest expense to increase by 3%-4% in 3Q24 compared to 2Q24[54]