PNC Q2 net income $1.5B, EPS $3.36; dividend raised to $1.55; SCB to 2.5%

PNC FINANCIAL SERVICES GROUP, INC.

2023-Q2 EPS reported $7.34 revenue$10,896,000,000

Net income of $1.5B, diluted EPS $3.36 vs Q1 $1.694B, $3.98; revenue $5.293B down 5.5% QoQ.
Net interest income $3.510B (-2% QoQ); NIM 2.79% down 5 bps; fee income down 6% on MSR/ Visa derivatives.
Average loans $324.5B stable; average deposits $425.7B down 2% QoQ; CET1 ratio improved to 9.5%.
Provision for credit losses $146M vs $235M Q1; net charge-offs $194M (0.24% of loans).
Quarterly common dividend raised to $1.55 (+3.3%); SCB to 2.5% effective Oct 1, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PNC FINANCIAL SERVICES GROUP, INC. reported second quarter of 2023 results: revenue $ 5,293, net income 1,500, EPS $ 3.36.

Period: second quarter of 2023
Revenue: $ 5,293
Net income: 1,500
EPS: $ 3.36
Result: reported results

Exact text from the filing

PNC REPORTS SECOND QUARTER 2023 NET INCOME OF $1.5 BILLION, $3.36 DILUTED EPS Increased capital; strong credit quality; 4Q23 SCB requirement of 2.5% Raised quarterly common stock dividend 5 cents to $1.55 per share on July 3, 2023 PITTSBURGH, July 18, 2023 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported: For the quarter In millions, except per share data and as noted 2Q23 1Q23 2Q22 Second Quarter Highlights ▪ Financial Results Comparisons reflect 2Q23 vs. 1Q23 Revenue $ 5,293 $ 5,603 $ 5,116 Average Balance Sheet ▪ Stable loans ▪ Deposits decreased 2% ▪ ACL to total loans and net loan charge-offs were stable ▪ Tangible book value increased to $77.80 ▪ CET1 capital ratio increased 30 basis points to 9.5% ▪ Raised quarterly dividend 5 cents to $1.55 per share ▪ Effective Oct. 1, 2023, PNC's Stress Capital Buffer (SCB) will improve to the regulatory minimum of 2.5% Income Statement ▪ Net interest income declined 2% ▪ NIM decreased 5 basis points ▪

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Source: SEC EDGAR

accession 0000713676-23-000050

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