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
Extracted filing text, with the paragraph anchors used by the comparison.
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Results of Businesses
Business Segment Results
Table 79: Results of Businesses
| Three months ended September 30In millions · Retail Banking · Corporate &InstitutionalBanking · AssetManagementGroup · Other · Consolidated (a) | |||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Net interest income | $2,783 | $1,588 | $161 | $(1,122) | $3,410 | ||
| Noninterest income | 701 | 1,030 | 242 | 49 | 2,022 | ||
| Total revenue | 3,484 | 2,618 | 403 | (1,073) | 5,432 | ||
| Provision for (recapture of) credit losses | 111 | 134 | (2) | 243 | |||
| Depreciation and amortization | 78 | 50 | 6 | 147 | 281 | ||
| Other noninterest expense | 1,764 | 900 | 264 | 118 | 3,046 | ||
| Income (loss) before income taxes (benefit) and noncontrolling interests | 1,531 | 1,534 | 135 | (1,338) | 1,862 | ||
| Income taxes (benefit) | 358 | 332 | 31 | (364) | 357 | ||
| Net income (loss) | 1,173 | 1,202 | 104 | (974) | 1,505 | ||
| Less: Net income attributable to noncontrolling interests | 9 | 5 | 1 | 15 | |||
| Net income (loss) excluding noncontrolling interests | $1,164 | $1,197 | $104 | $(975) | $1,490 | ||
| Average Assets | $114,257 | $227,277 | $16,928 | $211,051 | $569,513 | ||
| Income Statement | |||||||
| Net interest income | $2,576 | $1,390 | $139 | $(687) | $3,418 | ||
| Noninterest income | 784 | 835 | 223 | (27) | 1,815 | ||
| Total revenue | 3,360 | 2,225 | 362 | (714) | 5,233 | ||
| Provision for (recapture of) credit losses | 42 | 102 | (4) | (11) | 129 | ||
| Depreciation and amortization | 80 | 52 | 9 | 144 | 285 | ||
| Other noninterest expense | 1,796 | 843 | 262 | 59 | 2,960 | ||
| Income (loss) before income taxes (benefit) and noncontrolling interests | 1,442 | 1,228 | 95 | (906) | 1,859 | ||
| Income taxes (benefit) | 337 | 263 | 22 | (333) | 289 | ||
| Net income (loss) | 1,105 | 965 | 73 | (573) | 1,570 | ||
| Less: Net income attributable to noncontrolling interests | 11 | 5 | 16 | ||||
| Net income (loss) excluding noncontrolling interests | $1,094 | $960 | $73 | $(573) | $1,554 | ||
| Average Assets | $114,724 | $230,082 | $16,161 | $193,996 | $554,963 | ||
The PNC Financial Services Group, Inc. –Form 10-Q 95
| (Continued from previous page) | |||||||
|---|---|---|---|---|---|---|---|
| Nine months ended September 30In millions · RetailBanking · Corporate &InstitutionalBanking · AssetManagementGroup · Other · Consolidated (a) | |||||||
| Income Statement | |||||||
| Net interest income | $8,109 | $4,639 | $481 | $(3,253) | $9,976 | ||
| Noninterest income | 2,874 | 2,860 | 707 | (429) | 6,012 | ||
| Total revenue | 10,983 | 7,499 | 1,188 | (3,682) | 15,988 | ||
| Provision for (recapture of) credit losses | 256 | 409 | (5) | (27) | 633 | ||
| Depreciation and amortization | 237 | 151 | 22 | 436 | 846 | ||
| Other noninterest expense | 5,283 | 2,632 | 774 | 483 | 9,172 | ||
| Income (loss) before income taxes (benefit) and noncontrolling interests | 5,207 | 4,307 | 397 | (4,574) | 5,337 | ||
| Income taxes (benefit) | 1,215 | 928 | 93 | (1,225) | 1,011 | ||
| Net income (loss) | 3,992 | 3,379 | 304 | (3,349) | 4,326 | ||
| Less: Net income attributable to noncontrolling interests | 28 | 15 | 4 | 47 | |||
| Net income (loss) excluding noncontrolling interests | $3,964 | $3,364 | $304 | $(3,353) | $4,279 | ||
| Average Assets | $114,522 | $228,518 | $16,891 | $205,215 | $565,146 | ||
| Income Statement | |||||||
| Net interest income | $7,305 | $4,122 | $391 | $(1,305) | $10,513 | ||
| Noninterest income | 2,229 | 2,542 | 681 | 164 | 5,616 | ||
| Total revenue | 9,534 | 6,664 | 1,072 | (1,141) | 16,129 | ||
| Provision for (recapture of) credit losses | 266 | 283 | (5) | (34) | 510 | ||
| Depreciation and amortization | 239 | 159 | 22 | 430 | 850 | ||
| Other noninterest expense | 5,468 | 2,596 | 809 | 215 | 9,088 | ||
| Income (loss) before income taxes (benefit) and noncontrolling interests | 3,561 | 3,626 | 246 | (1,752) | 5,681 | ||
| Income taxes (benefit) | 834 | 775 | 58 | (750) | 917 | ||
| Net income (loss) | 2,727 | 2,851 | 188 | (1,002) | 4,764 | ||
| Less: Net income attributable to noncontrolling interests | 32 | 15 | 3 | 50 | |||
| Net income (loss) excluding noncontrolling interests | $2,695 | $2,836 | $188 | $(1,005) | $4,714 | ||
| Average Assets | $114,975 | $232,914 | $15,578 | $194,107 | $557,574 | ||
(a)There were no material intersegment revenues for the three and nine months ended September 30, 2024 and 2023.
96 The PNC Financial Services Group, Inc. –Form 10-Q
NOTE 15 FEE-BASED REVENUE FROM CONTRACTS WITH CUSTOMERS
As more fully described in Note 23 Fee-based Revenue from Contracts with Customers in our 2023 Form 10-K, a subset of our noninterest income relates to certain fee-based revenue within the scope of ASC Topic 606 -Revenue from Contracts with Customers (Topic 606).
Fee-based revenue within the scope of Topic 606 is recognized within ourthree reportable business segments: Retail Banking, Corporate & Institutional Banking and Asset Management Group. Interest income, income from lease contracts, fair value gains from financial instruments (including derivatives), income from mortgage servicing rights and guarantee products, letter of credit fees, non-refundable fees associated with acquiring or originating a loan and gains from the sale of financial assets are outside of the scope of Topic 606.
Table 80 presents the noninterest income recognized within the scope of Topic 606 for each of ourthree reportable business segments’ principal products and services, along with the relationship to the noninterest income revenue streams shown on our Consolidated Income Statement. For a description of the fee-based revenue and how it is recognized for each segment’s principal products and services, see Note 23 Fee-based Revenue from Contracts with Customers in our 2023 Form 10-K.
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