NEW YORK - PNC Financial Services Group Inc. (NYSE:PNC) reported fourth quarter earnings that beat analyst expectations, but its stock slipped by 1.32% in early trading.
The Pittsburgh-based bank posted earnings per share of $3.77, surpassing the analyst consensus estimate of $3.30. Revenue came in at $5.57 billion, also topping expectations of $5.48 billion.
PNC's net interest income rose 3% from the previous quarter to $3.52 billion, driven by lower funding costs and continued repricing of fixed rate assets. The bank's net interest margin expanded 11 basis points to 2.75%.
"PNC achieved strong results in 2024 while continuing to invest in the future of the franchise," said PNC Chairman and CEO Bill Demchak. "We grew customers, deepened relationships, and continued to support all of our constituents."
The bank reported average loans of $319.1 billion in Q4, relatively stable compared to the previous quarter. Average deposits increased $3.1 billion to $425.3 billion.
PNC maintained a strong capital position, with its common equity Tier 1 capital ratio rising to an estimated 10.5% at the end of Q4, up from 10.3% at the end of Q3.
For the full year 2024, PNC reported net income of $6.0 billion and diluted earnings per share of $13.74.
The bank said it expects to continue share repurchases in the first quarter of 2025 at levels similar to recent quarters. PNC's board also declared a quarterly cash dividend of $1.60 per share.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.