The PNC Financial Services Group, Inc. today reported full year 2022 net income of $6.1 billion, $13.85 diluted EPS or $13.96 as adjusted.
For the fourth quarter of 2022, the company reported a net income of $1.5 billion, $3.47 diluted EPS or $3.49 as adjusted.
Fourth quarter highlights1 include:
- Net interest income grew 6%
- NIM increased 10 basis points
- Noninterest income increased $5 million
- Fee income grew 4%
- Revenue increased 4%
- Expenses increased 6%
- PPNR increased 1%
- Average loans grew 3%, driven by commercial and consumer loan growth
- Deposits were relatively stable
- Provision for credit losses of $408 million
- Net loan charge-offs were $224 million or 0.28% annualized to average loans
- Tangible book value increased 3%
- PNC returned $1.2 billion of capital to shareholders
1Comparisons reflect 4Q22 vs. 3Q22
From Bill Demchak, PNC Chairman, President and Chief Executive Officer:
“By focusing on serving customers and communities, PNC delivered strong results in 2022. Capitalizing on opportunities across our coast-to-coast franchise, we grew loans and generated record revenue during a rapidly rising rate environment. At the same time, we controlled expenses and delivered substantial positive operating leverage. Our credit quality metrics remained strong and our solid capital position allowed us to return $6 billion of capital to shareholders throughout the year. As we enter 2023, we are well positioned to continue generating value for our stakeholders.”
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
