PNC reports 2023 net income $5.6B ($12.79 EPS); Q4 adjusted EPS $3.16

PNC FINANCIAL SERVICES GROUP, INC.

2023-FY EPS reported $12.79 revenue$21,490,000,000

FY2023 net income $5.6B ($12.79 diluted EPS); adjusted EPS $14.10 vs $13.85 in 2022.
Q4 2023 net income $883M ($1.85 diluted EPS); adjusted EPS $3.16.
Q4 revenue $5.36B, +2% QoQ; core NIE $3.41B included $515M FDIC special assessment and $150M workforce reduction.
Avg loans $324.6B (+2% QoQ); avg deposits $423.9B; CET1 9.9%; TBV $85.08.
Repurchased $0.1B common shares in Q4; ACL to total loans stable at 1.70%.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PNC FINANCIAL SERVICES GROUP, INC. reported fourth quarter and full year of 2023 results: revenue $5,361, net income Net income of $5.6 Billion, EPS $1.85 diluted EPS or $3.16 as adjusted.

Period: fourth quarter and full year of 2023
Revenue: $5,361
Net income: Net income of $5.6 Billion
EPS: $1.85 diluted EPS or $3.16 as adjusted
Result: reported results

Exact text from the filing

quarter For the year In millions, except per share data and as noted 4Q23 3Q23 2023 2022 Fourth Quarter Highlights ▪ Financial Results Comparisons reflect 4Q23 vs. 3Q23 Revenue $ 5,361 $ 5,233 $ 21,490 $ 21,120 Income Statement ▪ Revenue increased 2% due to strong noninterest income growth ▪ Core noninterest expense increased 5% primarily reflecting higher

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Source: SEC EDGAR

accession 0000713676-24-000006

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