PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Noninterest Expense
Table 5: Noninterest Expense
| Three months ended · Three months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31 · December 31 · Change · March 31 · March 31 · Change | ||||||||
| Dollars in millions | 2024 | 2023 | $ | % | 2024 | 2023 | $ | % |
| Noninterest expense | ||||||||
| Personnel | $1,794 | $1,983 | $(189) | (10)% | $1,794 | $1,826 | $(32) | (2)% |
| Occupancy | 244 | 243 | 1 | — | 244 | 251 | (7) | (3)% |
| Equipment | 341 | 365 | (24) | (7)% | 341 | 350 | (9) | (3)% |
| Marketing | 64 | 74 | (10) | (14)% | 64 | 74 | (10) | (14)% |
| Other | 891 | 1,409 | (518) | (37)% | 891 | 820 | 71 | 9% |
| Total noninterest expense | $3,334 | $4,074 | $(740) | (18)% | $3,334 | $3,321 | $13 | — |
Noninterest expense decreased compared to the fourth quarter of 2023, driven by lower or stable expenses across all categories, reflecting a continued focus on expense management. Noninterest expense was stable compared to the first three months of 2023. The first quarter of 2024 included an additional pre-tax expense of $130 million related to the increase in the FDIC’s expected losses. The fourth quarter of 2023 included $515 million pertaining to the FDIC special assessment as well as $150 million of workforce reduction charges.
Effective Income Tax Rate
The effective income tax rate was 18.8% in the first quarter of 2024, 16.3% in the fourth quarter of 2023 and 17.2% in the first quarter of 2023. The effective income tax rate in the fourth quarter of 2023 reflected certain tax credit benefits.
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