PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
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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.
Mar 31, 2025 · Filed May 2, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Asset Management Group Table
Asset Management Group
The Asset Management Group strives to be a leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. The Asset Management Group’s priorities are to serve our clients’ financial objectives, grow and deepen customer relationships and deliver solid financial performance with prudent risk and expense management.
Table 14: Asset Management Group Table
| (Unaudited) | ||||
|---|---|---|---|---|
| Three months ended March 31 | Change | |||
| Dollars in millions, except as noted | 2025 | 2024 | $ | % |
| Income Statement | ||||
| Net interest income | $184 | $157 | $27 | 17% |
| Noninterest income | 243 | 230 | 13 | 6% |
| Total revenue | 427 | 387 | 40 | 10% |
| Provision for (recapture of) credit losses | 1 | (5) | 6 | * |
| Noninterest expense | ||||
| Personnel | 121 | 121 | — | —% |
| Segment allocations (a) | 117 | 107 | 10 | 9% |
| Depreciation and amortization | 8 | 7 | 1 | 14% |
| Other (b) | 33 | 30 | 3 | 10% |
| Total noninterest expense | 279 | 265 | 14 | 5% |
| Pretax earnings | 147 | 127 | 20 | 16% |
| Income taxes | 34 | 30 | 4 | 13% |
| Earnings | $113 | $97 | $16 | 16% |
| Average Balance Sheet | ||||
| Loans | ||||
| Consumer | ||||
| Residential real estate | $11,935 | $11,688 | $247 | 2% |
| Other consumer | 3,663 | 3,758 | (95) | (3)% |
| Total consumer | 15,598 | 15,446 | 152 | 1% |
| Commercial | 658 | 849 | (191) | (22)% |
| Total loans | $16,256 | $16,295 | $(39) | —% |
| Total assets | $16,702 | $16,728 | $(26) | —% |
| Deposits | ||||
| Noninterest-bearing | $1,618 | $1,617 | $1 | —% |
| Interest-bearing | 26,501 | 27,064 | (563) | (2)% |
| Total deposits | $28,119 | $28,681 | $(562) | (2)% |
| Performance Ratios | ||||
| Return on average assets | 2.74% | 2.35% | ||
| Noninterest income to total revenue | 57% | 59% | ||
| Efficiency | 65% | 68% | ||
| Other Information (c) (d) | ||||
| Nonperforming assets | $36 | $28 | $8 | 29% |
| Client Assets Under Administration (in billions) (c) (e) | ||||
| Discretionary client assets under management | ||||
| PNC Private Bank | $127 | $124 | $3 | 2% |
| Institutional Asset Management | 83 | 71 | 12 | 17% |
| Total discretionary clients assets under management | 210 | 195 | 15 | 8% |
| Nondiscretionary client assets under administration | 201 | 199 | 2 | 1% |
| Total | $411 | $394 | $17 | 4% |
*- Not Meaningful
(c)As of March 31.
(d)Net charge-offs - loans and leases were less than $0.5 million for the periods presented.
(e)Excludes brokerage account client assets.
The PNC Financial Services Group, Inc. –Form 10-Q 17
The Asset Management Group consists of two primary businesses: PNC Private Bank and Institutional Asset Management.
The PNC Private Bank is focused on being a premier private bank in each of the markets it serves. This business seeks to deliver high quality banking, trust and investment management services to our emerging affluent, high net worth and ultra-high net worth clients through a broad array of products and services.
Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.
Asset Management Group earnings in the first three months of 2025 increased $16 million compared to the same period in 2024, primarily driven by higher revenue, partially offset by higher noninterest expense.
Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits, partially offset by a decline in average deposit balances.
Noninterest income increased in the comparison primarily driven by higher average equity markets.
Noninterest expense increased in the comparison and included increased technology investments.
Average total loans were stable compared with the three months ended March 31, 2024.
Average total deposits decreased in the comparison driven by lower interest-bearing deposits.
Discretionary client assets under management increased in the comparison and included the impact from higher spot equity markets as of March 31, 2025.
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