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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Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP)
Table 40: Reconciliation of Taxable-Equivalent Net Interest Income (non-GAAP) (a)
| Year ended December 31In millions | |||
|---|---|---|---|
| 2024 · 2023 · 2022 | |||
| Net interest income (GAAP) | $13,499 | $13,916 | $13,014 |
| Taxable-equivalent adjustments | 131 | 147 | 112 |
| Net interest income (non-GAAP) | $13,630 | $14,063 | $13,126 |
(a)The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under GAAP.
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