PNC Financial Services annual net income for 2019 was $5.108B, a 1.35% increase from 2018. Deposit transactions via ATM and mobile channels were 58 percent of total deposit transactions in both the fourth and third quarters of 2019 compared with 55 percent in the fourth quarter of 2018. Nonperforming assets to total assets were .43 percent at December 31, 2019, .45 percent at September 30, 2019 and .47 percent at December 31, 2018. Expenses were well controlled and our efficiency ratio improved. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. Updated April 12, 2019 12:14 pm ET Strong loan growth helped fuel a rise in revenue and profits for PNC Financial Services Group Inc. in the first quarter. See accompanying notes in Consolidated Financial Highlights. We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting PNC and its future business and operations that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Personnel expense increased $120 million driven by business growth, and equipment expense increased reflecting the fourth quarter 2019 write-offs. Nonperforming assets at December 31, 2019 decreased $95 million compared with September 30, 2019. Discretionary client assets under management decreased $9 billion compared with September 30, 2019. "PNC delivered excellent results in 2019 against the backdrop of continued change across our industry. Under the Basel III rules applicable to PNC during 2018 and 2019, significant common stock investments in unconsolidated financial institutions (for PNC, primarily BlackRock), mortgage servicing rights and deferred tax assets must be deducted from capital (net of associated deferred tax liabilities) to the extent they individually exceed 10%, or in the aggregate exceed 15%, of the institution's adjusted common equity Tier 1 capital. We do not assume any duty and do not undertake to update forward-looking statements. A telephone replay of the call will be available for one week at (800) 633-8284 and (402) 977-9140 (international), conference ID 21934065 and a replay of the audio webcast will be available on PNC's website for 30 days. PNC received approval in January 2020 from the Federal Reserve to repurchase up to an additional $1.0 billion in common shares through the end of the second quarter of 2020. We are focused on the fundamentals of growing customers, loans, deposits and revenue, and improving profitability, while investing for the future and managing risk, expenses and capital. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. Will Blockchain Become a Welcome Disruption in Healthcare? Noninterest income for the fourth quarter of 2019 increased $132 million compared with the third quarter driven by higher other noninterest income. Please check your download folder. See Capital Ratios on page 17 for additional information. PNC maintained a strong capital position. The allowance for loan and lease losses to total loans remained relatively stable at 1.14 percent at, Average balances held with the Federal Reserve of. Average investment securities for the fourth quarter of 2019 decreased $1.7 billion and period end balances decreased $1.1 billion compared with the third quarter primarily due to net sales of U.S. Treasury securities. Net charge-offs for the fourth quarter of 2019 increased $54 million compared with the third quarter. Tangible book value per common share is a non-GAAP measure and is calculated based on tangible common shareholders' equity divided by period-end common shares outstanding. Consumer lending net charge-offs increased $30 million driven by credit card, auto and home equity loans, and commercial lending net charge-offs increased $24 million. The PNC Financial Services Group (NYSE: PNC) first quarter earnings met the analysts' estimates, while revenue surpassed the targets slightly. Also, PNC's Basel III regulatory capital during 2018 and 2019 includes accumulated other comprehensive income (loss) related to securities currently, and those transferred from, available for sale, as well as pension and other postretirement plans. We provide additional information on these activities in our Form 10-K and Form 10-Q filings with the SEC. The Joint Information Center release #40 focuses on the revised services now being offered by the Guam Department of Revenue and Taxation. Annual stock financials by MarketWatch. Noninterest income increased compared with the fourth quarter of 2018 driven by higher treasury management product revenue and higher capital markets-related revenue partially offset by lower gains on asset sales. Changes in customers', suppliers' and other counterparties' performance and creditworthiness. Add Files. The margin decreased from 2.96 percent in the fourth quarter of 2018 as a result of lower yields on earning assets partially offset by lower borrowing costs. ET . Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures. PNC Financial Services Revenue 2006-2020 | PNC, PNC Financial Services revenue for the quarter ending September 30, 2020 was, PNC Financial Services revenue for the twelve months ending September 30, 2020 was, PNC Financial Services annual revenue for 2019 was, PNC Financial Services annual revenue for 2018 was, PNC Financial Services annual revenue for 2017 was. PNC Financial Services annual revenue for 2017 was $18.035B, a 9.82% increase from … Data . The taxable equivalent adjustments to net interest income for the twelve months ended December 31, 2019 and December 31, 2018 were $103 million and $115 million, respectively. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Earnings per share increased and we generated record revenue and positive operating leverage for the year. Deposits at December 31, 2019 increased $2.9 billion over September 30, 2019 as an increase in consumer interest-bearing deposits at year end was partially offset by a decline in commercial noninterest-bearing deposits. Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives. Noninterest expense increased over the third quarter due to costs associated with the sale transaction. Earnings per share increased and we generated record revenue and positive operating leverage for the year. Retail Banking earnings for the fourth quarter of 2019 decreased in both comparisons. Dial-in numbers for the conference call are (800) 616-4018 and (303) 223-4381 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. MEDIA: Marcey Zwiebel(412) 762-4550 [email protected], INVESTORS: Bryan Gill(412) 768-4143 [email protected], View original content to download multimedia:http://www.prnewswire.com/news-releases/pnc-reports-full-year-2019-net-income-of-5-4-billion-11-39-diluted-eps-300987428.html. Basel lll Common Equity Tier 1 Capital Ratios (a), Common stock, related surplus and retained earnings, net of treasury stock, Goodwill and disallowed intangibles, net of deferred tax liabilities, Basel III standardized approach risk-weighted assets (b), Basel III advanced approaches risk-weighted assets (c), Basel III Common equity Tier 1 capital ratio. Data for this Date Range ; Dec. 31, 2019: 17.83B Dec. 31, 2018: 17.13B Dec. 31, 2017: 16.33B PITTSBURGH – PNC Financial Services Group Inc. reports 2019 net income of $5.4 billion, or $11.39 per diluted share, and fourth-quarter income of $1.38 billion, down 1% in 2018. Consumer services decreased $12 million due to seasonally higher credit card activity that was more than offset by a true up of credit card rewards costs. The company reported earnings of $2.61 per share on revenue of $4.28 billion. In addition, PNC's ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models. Net charge-offs were .35 percent of average loans on an annualized basis for the fourth quarter of 2019 compared with .26 percent for the third quarter of 2019 and .19 percent for the fourth quarter of 2018. Personnel expense increased $68 million due to higher benefits, including a $25 million year-end employee award of an additional contribution to health savings accounts, and higher incentive compensation associated with business activity. Approximately 71 percent of consumer customers used non-teller channels for the majority of their transactions during the fourth quarter of 2019 compared with 70 percent in the third quarter and 67 percent in the fourth quarter of 2018. As blockchain technology evolves, there are opportunities for blockchains to significantly improve financial and clinical operations in healthcare. Total loans at December 31, 2019 grew $2.5 billion compared with September 30, 2019. This is in addition to the share repurchase programs of up to $4.3 billion for the four-quarter period beginning in the third quarter of 2019, which were announced in June 2019. After you enroll in PNC Merchant Services® with Clover® Go for your business's card payment processing needs. Why Your Company Needs to Accept Mobile Payments, Getting Started with our Online & Mobile Banking, Fundamental Accounting Concepts for FX Hedging, Five Best Practices For Institutional Investors, Banking in China: 10 Practices You Need to Understand, http://www.prnewswire.com/news-releases/pnc-reports-full-year-2019-net-income-of-5-4-billion-11-39-diluted-eps-300987428.html, 3 Tips to Help Manage a Never-Ending Shopping List, Saying "No" is One of the Best Strategic Moves. 2017 Annual Report 5.1 MB. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. PITTSBURGH, Jan. 15, 2020 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported: "PNC delivered excellent results in 2019 against the backdrop of continued change across our industry. Near-term risks are generally to the downside, including a further softening in the global economy, a further escalation in trade tensions, and geopolitical concerns. Dividends are payable quarterly other than the Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock. Our businesses, financial results and balance sheet values are affected by business and economic conditions, including the following: Changes in interest rates and valuations in debt, equity and other financial markets. Asset management revenue increased $40 million reflecting higher earnings from PNC's equity investment in BlackRock. Business and operating results also include impacts relating to our equity interest in. The taxable-equivalent adjustments to net interest income for the three months ended December 31, 2019, September 30, 2019 and December 31, 2018 were $23 million, $25 million and $28 million, respectively. PNC Reports Full Year 2019 Net Income Of $5.4 Billion, $11.39 Diluted EPS, Dividends and undistributed earnings allocated to, Learn more about investing with PNC Investments, Learn more about managing your wealth with us, A College Student's Guide to Build Good Credit, What You Need to Know Before You Finance Your Next Car, Making Your Money Work Harder at Tax Time & Beyond, How to Make the Most of Your New Virtual Wallet®. Repurchases were made under share repurchase programs of up to $4.3 billion for the four-quarter period beginning in the third quarter of 2019. Loans past due 90 days or more increased $53 million primarily due to higher commercial, government insured residential mortgage, credit card and auto loan delinquencies. The Basel III common equity Tier 1 capital ratio was calculated based on the standardized approach for the risk-weighting of assets. Noninterest expense increased in both comparisons largely due to investments in strategic initiatives and variable costs associated with increased business activity. Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. Noninterest income declined compared with the third quarter due to negative derivative fair value adjustments related to Visa Class B common shares and lower residential mortgage revenue attributable to a lower benefit from residential mortgage servicing rights valuation, net of economic hedge, and decreased loan sales and servicing revenue. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Disruptions in the U.S. and global financial markets. 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. The "Other, including BlackRock" category, for the purposes of this release, includes earnings and gains or losses related to PNC's equity investment in BlackRock, and residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities including net securities gains or losses, other-than-temporary impairment of investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, certain corporate overhead, tax adjustments that are not allocated to business segments, exited businesses, and differences between business segment performance reporting and financial statement reporting under generally accepted accounting principles. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands. — Net interest income decreased 1% to $2.5 billion. Image source: The Motley Fool. The PNC Financial Services Group has 50,017 employees across 77 locations and $17.83 B in annual revenue in FY 2019. Because PNC was in the parallel run qualification phase for the advanced approaches at December 31, 2019, PNC's regulatory risk-based capital ratios in 2019 and 2018 are calculated using the standardized approach for determining risk-weighted assets. PNC Financial … The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax. We provide information below regarding PNC's Basel III Common equity Tier 1 capital ratios. For a limited time, get a cash bonus when you open a new qualifying PNC Investments account. Inflation slowed in 2019, to below the Federal Open Market Committee's (FOMC's) 2 percent objective, but is expected to gradually increase over the next two years. 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