PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Noninterest Expense
Table 5: Noninterest Expense
| Year ended December 31 | Change | |||
|---|---|---|---|---|
| Dollars in millions | 2024 | 2023 | $ | % |
| Noninterest expense | ||||
| Personnel | $7,302 | $7,428 | $(126) | (2)% |
| Occupancy | 954 | 982 | (28) | (3)% |
| Equipment | 1,527 | 1,411 | 116 | 8% |
| Marketing | 362 | 350 | 12 | 3% |
| Other | 3,379 | 3,841 | (462) | (12)% |
| Total noninterest expense | $13,524 | $14,012 | $(488) | (3)% |
Noninterest expense decreased compared to 2023 reflecting lower costs related to the FDIC’s special assessment and lower personnel expense, partially offset by a PNC Foundation contribution expense of $120 million in the second quarter of 2024 and impairments of $97 million in the fourth quarter of 2024 primarily related to technology investments. Costs related to the FDIC special assessment were $112 million in 2024 compared to $515 million in 2023. Noninterest expense in 2023 also included $150 million of workforce reduction charges.
We exceeded our 2024 continuous improvement program savings goal of $450 million. In 2025, our continuous improvement program goal will be $350 million.
Effective Income Tax Rate
The effective income tax rate was 17.8% for 2024 compared with 16.2% for 2023.
The effective tax rate is generally lower than the statutory rate primarily due to tax credits we receive from our investments in low- income housing and new markets investments, as well as earnings on other tax exempt investments. Additional information regarding our effective tax rate is included in the Reconciliation of Statutory and Effective Tax Rates table in Note 18 Income Taxes.
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