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 Income
Table 4: Noninterest Income
| Year ended December 31 | Change | |||
|---|---|---|---|---|
| Dollars in millions | 2024 | 2023 | $ | % |
| Noninterest income | ||||
| Asset management and brokerage | $1,485 | $1,412 | $73 | 5% |
| Capital markets and advisory | 1,250 | 952 | 298 | 31% |
| Card and cash management | 2,770 | 2,733 | 37 | 1% |
| Lending and deposit services | 1,259 | 1,233 | 26 | 2% |
| Residential and commercial mortgage | 581 | 625 | (44) | (7)% |
| Other income | ||||
| Gain on Visa shares exchange program | 754 | 754 | * | |
| Securities gains (losses) | (500) | (2) | (498) | * |
| Other | 457 | 621 | (164) | (26)% |
| Total other income | 711 | 619 | 92 | 15% |
| Total noninterest income | $8,056 | $7,574 | $482 | 6% |
*- Not Meaningful
Noninterest income as a percentage of total revenue was 37% for 2024 and 35% for 2023.
Asset management and brokerage fees increased reflecting the impact of higher average equity markets as well as higher annuity sales. PNC’s discretionary client assets under management increased to $211 billion at December 31, 2024 compared to $189 billion at December 31, 2023, primarily due to higher spot equity markets. Capital markets and advisory fees increased primarily due to higher merger and acquisition advisory activity and increased underwriting fees. Card and cash management revenue growth was driven by higher treasury management product revenue. Lending and deposit services grew as a result of increased customer activity. Residential and commercial mortgage decreased due to lower residential mortgage banking activities. Other noninterest income increased compared to 2023 driven by the benefit of significant items in the second quarter of 2024, partially offset by lower private equity revenue.
Further details regarding our customer-related trading activities are included in the Market Risk Management – Customer-Related Trading Risk portion of the Risk Management section of this Item 7. Further details regarding private and other equity investments are included in the Market Risk Management – Equity and Other Investment Risk section.
42 The PNC Financial Services Group, Inc. –2024 Form 10-K
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