The PNC Financial Services Group, Inc. reported a net income of $1.5 billion, or $3.51 per diluted share, for the first quarter of 2025, reflecting an 8% decrease from the previous quarter's net income of $1.6 billion, or $3.77 per diluted share. The decline was attributed to lower net interest income and noninterest income, alongside a higher provision for credit losses, which totaled $219 million, up from $156 million in the fourth quarter of 2024. However, compared to the first quarter of 2024, net income increased by 12%, driven by higher net interest and noninterest income.
Total revenue for the first quarter of 2025 was $5.5 billion, a decrease of 2% from the previous quarter but an increase of 6% year-over-year. Net interest income was $3.5 billion, down 1% from the fourth quarter of 2024, primarily due to two fewer days in the quarter, although it benefited from lower funding costs and fixed-rate asset repricing. Noninterest income also saw a decline of 3% from the previous quarter, totaling $2.0 billion, impacted by lower capital markets and advisory activity.
On the operational front, PNC's total assets decreased by 1% to $554.7 billion as of March 31, 2025, driven by lower balances held with the Federal Reserve Bank and a decrease in investment securities. Total loans increased by 1% to $318.9 billion, with commercial loans rising by 2% to $219.6 billion, while consumer loans fell by 1% to $99.3 billion. The bank's total deposits also decreased by 1% to $422.9 billion, primarily due to lower interest-bearing deposits.
Strategically, PNC continues to focus on expanding its banking franchise and enhancing customer relationships through improved service delivery and technology investments. The bank has committed to investing approximately $1.5 billion over the next five years to open over 200 new branches in key markets and renovate existing locations. Looking ahead, PNC anticipates a modest increase in average loans and net interest income for the second quarter of 2025, with total revenue expected to rise by 1% to 3%. The bank's outlook remains cautious, reflecting potential economic headwinds, including high interest rates and evolving trade policies.
About PNC FINANCIAL SERVICES GROUP, INC.
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