The PNC Financial Services Group, Inc. reported a net income of $6.0 billion for 2024, equivalent to $13.74 diluted earnings per share (EPS). This represents a significant achievement, with fourth-quarter net income reaching $1.6 billion, or $3.77 diluted EPS. The company saw growth in net interest income (NII) and net interest margin (NIM), alongside an increase in deposits and a strengthened capital position. For the full year, total revenue amounted to $21.6 billion, reflecting steady performance compared to $21.5 billion in 2023.

Fourth-quarter highlights included a 3% growth in NII to $3.5 billion and an 11 basis point increase in NIM to 2.75%. Noninterest income for the quarter was $2.0 billion, a slight increase from the prior quarter. However, fee income declined by 4%, influenced by elevated third-quarter residential mortgage and capital markets activity. Total noninterest expense rose by 5% due to asset impairments and other operational factors, offset partially by a reduction in FDIC special assessments.

PNC maintained a strong balance sheet with stable average loans and a $3.1 billion increase in deposits during the fourth quarter. Net loan charge-offs were $250 million, representing 0.31% annualized of average loans. Credit quality improved, with a reduction in nonperforming loans to $2.3 billion and a slight decrease in the allowance for credit losses to $5.2 billion.

Capital ratios remained robust, with the Common Equity Tier 1 (CET1) ratio estimated at 10.5% as of December 31, 2024. The company returned $0.9 billion to shareholders in the fourth quarter, including dividends and share repurchases. PNC also announced a quarterly cash dividend of $1.60 per share, payable on February 5, 2025.

Looking ahead, PNC plans to leverage its strong position to drive further growth and operational efficiency while continuing to focus on customer engagement and capital returns to shareholders.