PNC FINANCIAL SERVICES GROUP INC
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 2, 2024
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Noninterest Expense
Table 5: Noninterest Expense
| Three months ended · Six months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30 · March 31 · Change · June 30 · June 30 · Change | ||||||||
| Dollars in millions | 2024 | 2024 | $ | % | 2024 | 2023 | $ | % |
| Noninterest expense | ||||||||
| Personnel | $1,782 | $1,794 | $(12) | (1)% | $3,576 | $3,672 | $(96) | (3)% |
| Occupancy | 236 | 244 | (8) | (3)% | 480 | 495 | (15) | (3)% |
| Equipment | 356 | 341 | 15 | 4% | 697 | 699 | (2) | — |
| Marketing | 93 | 64 | 29 | 45% | 157 | 183 | (26) | (14)% |
| Other | 890 | 891 | (1) | — | 1,781 | 1,644 | 137 | 8% |
| Total noninterest expense | $3,357 | $3,334 | $23 | 1% | $6,691 | $6,693 | $(2) | — |
Noninterest expense increased 1% compared to the first quarter of 2024. The modest increase was driven by higher marketing and equipment expenses, partially offset by seasonally lower incentive compensation. Noninterest expense was stable compared to the first six months of 2023 and reflected PNC’s continued focus on expense management. Other noninterest expense included a $120 million pre-tax expense in the second quarter of 2024 related to a PNC Foundation contribution as well as a $130 million pre-tax expense in the first quarter of 2024 related to the increase in the FDIC’s expected losses.
Effective Income Tax Rate
The effective income tax rate was 18.8% in both the second and first quarters of 2024, and 18.8% in the first six months of 2024 compared to 16.4% for the same period in 2023.
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