PNC Financial Services Group Inc (BSP:PNCS34)

R$ 496 0 (0%) Market Cap: 393.61 Bil Enterprise Value: 551.55 Bil PE Ratio: 15.96 PB Ratio: 1.35 GF Score: 61/100

Q3 2024 PNC Financial Services Group Inc Earnings Call Transcript

Oct 15, 2024 / 02:00PM GMT

Release Date Price: R$496

Transcript 8-K

Key Points

Positve

PNC Financial Services Group Inc (PNC) reported a strong third quarter with $1.5 billion in net income, translating to $3.49 diluted earnings per share.
The company achieved positive operating leverage for the third consecutive quarter, positioning it for full-year positive operating leverage in 2024.
Net interest income (NII) grew by 3%, with expectations of record NII in 2025.
Fee income increased by 10%, driven by strong performance in capital markets and advisory fees.
PNC Financial Services Group Inc (PNC) strengthened its capital levels, with a 9% increase in tangible book value per share and an estimated CET1 ratio of 10.3%.

Negative

Loan utilization rates remain low, with commercial loans stable and consumer loans showing mixed results.
The company expects additional charge-offs in the commercial real estate (CRE) office segment, although it believes it is adequately reserved.
Fee income is expected to decline by 5% to 7% in the fourth quarter due to elevated third-quarter capital markets and mortgage servicing rights levels.
Non-performing loans increased by 3% linked quarter, primarily driven by an increase in CRE office loans.
The company faces challenges in achieving loan growth, with utilization rates below historical averages and uncertainty around economic factors such as elections and interest rates.

Operator

Greetings. Welcome to the PNC Financial Services Group Inc Q3 2024 earnings conference call at this time. (Operator Instructions) Please note that this conference is being recorded.

I will now turn the conference over to Bryan Gill, Executive Vice President and Director of Investor Relations. Thank you. You may begin.

Bryan Gill

PNC Financial Services Group Inc - Executive Vice President, Director of Investor Relations

Well, good morning. Welcome to today's conference call for the PNC Financial Services Group. I am Bryan Gill, the Director of Investor Relations for PNC. And participating on this call are PNC's Chairman and CEO, Will Demchak; and Rob Reilly, Executive Vice President, and CFO.

Today's presentation contains forward-looking information, cautionary statements about this information as well as reconciliations of non-GAAP measures are included in today's earnings release materials as well as our SEC filings and other investor materials. These are all available on our corporate website pnc.com under Investor Relations. These

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