Net interest income grew 4% year over year to $3.52 billion, thanks to a decline in funding costs and the continued repricing of fixed-rate assets. The net interest margin stood at 2.75%, 9 basis points higher year over year.
Noninterest income grew 4% to $2.04 billion, led by higher fee income (+3% Y/Y) thanks to strong growth in capital markets and advisory segment. EPS of $3.77 topped the consensus of $3.33.
The company reported a provision for credit losses of $156 million in the quarter (vs. $232 million a year ago) on improved macroeconomic factors and portfolio activity.
CET1 capital ratio stood at 10.5% vs. 9.9% in the prior year quarter.
On January 3, 2025, PNC’s board of directors declared a quarterly cash dividend on common stock of $1.60, payable on February 5, 2025, to shareholders of record as of January 15, 2025.
PNC returned $0.9 billion of capital to shareholders, comprising share repurchases over $0.2 billion in the quarter.
The company expects share repurchase activity for the first quarter of 2025 to match recent quarterly averages.
Investors can gain exposure to the stock via IShares U.S. Regional Banks ETF (NYSE:IAT) and Davis Fundamental ETF Trust Davis Select Financial ETF (BATS:DFNL).
Price Action: PNC shares are down 1.72% at $197.00 premarket at the last check Thursday.
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