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
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Noninterest Expense
Table 5: Noninterest Expense
| Three months ended · Three months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31 · December 31 · Change · March 31 · March 31 · Change | ||||||||
| Dollars in millions | 2025 | 2024 | $ | % | 2025 | 2024 | $ | % |
| Noninterest expense | ||||||||
| Personnel | $1,890 | $1,857 | $33 | 2% | $1,890 | $1,794 | $96 | 5% |
| Occupancy | 245 | 240 | 5 | 2% | 245 | 244 | 1 | —% |
| Equipment | 384 | 473 | (89) | (19)% | 384 | 341 | 43 | 13% |
| Marketing | 85 | 112 | (27) | (24)% | 85 | 64 | 21 | 33% |
| Other | 783 | 824 | (41) | (5)% | 783 | 891 | (108) | (12)% |
| Total noninterest expense | $3,387 | $3,506 | $(119) | (3)% | $3,387 | $3,334 | $53 | 2% |
Noninterest expense decreased compared to the fourth quarter of 2024, reflecting asset impairments recognized in the fourth quarter of $97 million as well as seasonally lower other noninterest expense and marketing. Noninterest expense increased compared to the first three months of 2024 as a result of increased business activity, technology investments and higher marketing spend. The first quarter of 2024 included a pre-tax expense of $130 million related to the FDIC’s special assessment.
Effective Income Tax Rate
The effective income tax rate was 18.8% in the first quarter of 2025, 14.6% for the fourth quarter of 2024 and 18.8% in the first quarter of 2024. The fourth quarter of 2024 included a benefit from the resolution of certain tax matters.
The PNC Financial Services Group, Inc. –Form 10-Q 7
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