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![PNC FINANCIAL SERVICES GROUP, INC. [PNC] reports annual net loss of $5.6 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPNC.png&w=1200&q=75)
PNC FINANCIAL SERVICES GROUP, INC. [PNC] has reported a net loss of $5.6 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $24.3 billion
Based in PITTSBURGH, Pennsylvania, PNC FINANCIAL SERVICES GROUP, INC. operates in the FINANCE sector.
In the consolidated income statement for the 12 months ended December 31, 2023, total interest income amounted to $24.308 million, a notable increase from $15.436 million in the same period in 2022 and $11.134 million in 2021. This year's interest income was mainly driven by significant growth in interest income from loans, investment securities, and other sources.
On the other hand, the interest expense for the current period totaled $10.392 million, significantly higher than the $2.422 million recorded in the previous year and $487,000 in 2021. This increase in interest expense was primarily due to higher interest payments on deposits and borrowed funds.
As a result, the net interest income for the current period was $13.916 million, showing a slight increase from $13.014 million in 2022 and $10.647 million in 2021.
Noninterest income for the current period stood at $7.574 million, slightly lower than the $8.106 million recorded in the previous year and $8.564 million in 2021. The decrease in noninterest income was mainly driven by lower revenue from various sources.
Total revenue for the current period reached $21.490 million, showing a slight increase from $21.120 million in the same period last year and $19.211 million in 2021.
After accounting for provisions for credit losses and noninterest expenses, the income before income taxes and noncontrolling interests for the current period was $6.736 million, a decrease from $7.473 million in 2022 and $6.988 million in 2021.
Net income for the current period was reported at $5.647 million, lower than the $6.113 million recorded in the previous year and $5.725 million in 2021. This decline in net income was primarily due to higher expenses and provisions.
The basic earnings per common share for the current period were $12.80, a decrease from $13.86 in 2022 and $12.71 in 2021. Similarly, the diluted earnings per common share were $12.79, down from $13.85 in 2022 and $12.70 in 2021.
In the segment analysis, noninterest income from asset management and brokerage, capital markets and advisory, card and cash management, lending and deposit services, residential and commercial mortgage, and other sources showed varied performance compared to the previous periods.
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