PNC FINANCIAL SERVICES GROUP INC
For the period ended Sep 30, 2024. Filed Nov 1, 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.
Sep 30, 2024 · Filed Nov 1, 2024
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Noninterest Expense
Table 5: Noninterest Expense
| Three months ended · Nine months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| September 30 · June 30 · Change · September 30 · September 30 · Change | ||||||||
| Dollars in millions | 2024 | 2024 | $ | % | 2024 | 2023 | $ | % |
| Noninterest expense | ||||||||
| Personnel | $1,869 | $1,782 | $87 | 5% | $5,445 | $5,445 | — | |
| Occupancy | 234 | 236 | (2) | (1)% | 714 | 739 | $(25) | (3)% |
| Equipment | 357 | 356 | 1 | — | 1,054 | 1,046 | 8 | 1% |
| Marketing | 93 | 93 | — | 250 | 276 | (26) | (9)% | |
| Other | 774 | 890 | (116) | (13)% | 2,555 | 2,432 | 123 | 5% |
| Total noninterest expense | $3,327 | $3,357 | $(30) | (1)% | $10,018 | $9,938 | $80 | 1% |
Noninterest expense decreased compared to the second quarter of 2024 as increased personnel costs, reflecting higher variable compensation related to increased business activity, were more than offset by a PNC Foundation contribution expense of $120 million in the second quarter of 2024. Noninterest expense increased compared to the first nine months of 2023 due to a $130 million pre-tax expense in the first quarter of 2024 related to the increase in the FDIC’s expected losses following the closures of Silicon Bank and Signature Bank, as well as the second quarter PNC Foundation contribution expense.
Effective Income Tax Rate
The effective income tax rate was 19.2% in the third quarter of 2024 compared to 18.8% for the second quarter of 2024, and 18.9% in the first nine months of 2024 compared to 16.1% for the same period in 2023.
The PNC Financial Services Group, Inc. –Form 10-Q 9
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