PNC Financial Services Group reported full-year 2024 net income of $6.0 billion, or $13.74 per diluted share. The results were released on 16 January 2025.
Fourth-quarter 2024 net income reached $1.6 billion, or $3.77 per diluted share — an 84 per cent increase compared with the fourth quarter of 2023. The fourth quarter of 2023 included a $515 million FDIC special assessment and $150 million of workforce reduction charges.
NET INTEREST INCOME AND FEE REVENUE
Full-year 2024 net interest income amounted to $13.5 billion, down 3 per cent from $13.9 billion in 2023, although NII rose 3 per cent quarter-on-quarter in the fourth quarter. Net interest margin in the fourth quarter stood at 2.75 per cent, up 11 basis points quarter-over-quarter.
Fee income for the full year totalled $7.3 billion, a 6 per cent increase year-over-year. Total fourth-quarter revenue of $5.6 billion was up 4 per cent compared with Q4 2023. Net loan charge-offs in the quarter were $250 million, or 0.31 per cent of average loans on an annualised basis, down from $286 million in the third quarter.
CAPITAL
PNC's Common Equity Tier 1 ratio stood at 10.5 per cent at year-end.