PNC Financial Services Group Inc (WBO:PNCF)

€ 165 3 (1.85%) Market Cap: 64.82 Bil Enterprise Value: 93.72 Bil PE Ratio: 15.43 PB Ratio: 1.40 GF Score: 77/100

Q1 2024 PNC Financial Services Group Inc Earnings Call Transcript

Apr 16, 2024 / 02:00 PM GMT

Release Date Price: €139 (-2.80%)

Transcript 8-K

Key Points

Positve

PNC Financial Services Group Inc (PNC) generated $1.3 billion in net income and an adjusted EPS of $3.36 per share.
The company continues to grow its business, adding new customers across segments and increasing deposits on a spot basis.
PNC Financial Services Group Inc (PNC) announced a multiyear investment of nearly $1 billion in its branch network to drive growth and gain market share.
Credit quality remained stable during the quarter, with the company adequately reserved overall, especially with respect to Commercial Real Estate (CRE).
PNC Financial Services Group Inc (PNC) continues to build on its strong liquidity and capital position, providing financial strength and flexibility for future opportunities.

Negative

Loans of $321 billion decreased by $4 billion or 1%, and investment securities declined by $2 billion or 1%.
Deposit balances averaged $420 billion, a decline of $4 billion or 1%, reflecting seasonally lower commercial deposits.
Net interest income declined by $139 million or 4%, and net interest margin decreased by 9 basis points to 2.57%, primarily due to higher funding costs.
Nonperforming loans increased by $200 million or 9% linked quarter, almost entirely driven by commercial real estate, particularly the CRE office portfolio.
Total revenue of $5.1 billion decreased by $216 million or 4% compared to the previous quarter, with both net interest income and noninterest income showing declines.

Refinitiv StreetEvents Event Transcript
P R E L I M I N A R Y V E R S I O N

PNC.N - PNC Financial Services Group Inc
Q1 2024 PNC Financial Services Group Inc Earnings Call
Apr 16, 2024 / 02:00PM GMT

=====================
Conference Call Participants
=====================
* >>Bryan Gill - Head of IR
* >>William Demchak - CEO
* >>Robert Reilly - CFO
* >>Betsy Graseck - Morgan Stanley, Research Division
* >>John Pancari - Evercore ISI Institutional Equities, Research Division
* >>Matthew O'Connor - Deutsche Bank AG, Research Division
* >>Gerard Cassidy - RBC Capital Markets, Research Division
* >>David Rochester - Compass Point Research & Trading, LLC, Research Division
* >>Ebrahim Poonawala - BofA Securities, Research Division
* >>Bill Carcache - Wolfe Research, LLC
* >>Kenneth Usdin - Jefferies LLC, Research Division
* >>Michael Mayo - Wells Fargo Securities, LLC, Research Division
* >>John McDonald - Autonomous Research US LP

========

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