The PNC Financial Services Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018
January 12, 2018 at 06:50 am EST
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The PNC Financial Services Group, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenue of $4,260 million against $3,874 million a year ago. Income before income taxes and non-controlling interests was $1,074 million against $1,366 million a year ago. Net income attributable to common shareholders was $2,023 million against $982 million a year ago. Net income attributable to diluted common shares was $2,007 million or $4.18 diluted per share against $973 million or $1.97 diluted per share a year ago. Return on average assets was 2.20% against 1.13% a year ago. Return on average common equity was 18.90% against 9.31% a year ago.
For the year, the company reported total revenue of $16,329 million against $15,162 million a year ago. Income before income taxes and non-controlling interests was $5,490 million against $5,253 million a year ago. Net income attributable to common shareholders was $5,076 million against $3,688 million a year ago. Net income attributable to diluted common shares was $5,037 million or $10.36 diluted per share against $3,650 million or $7.30 diluted per share a year ago. Return on average assets was 1.45% against 1.10% a year ago. Return on average common equity was 12.09% against 8.85% a year ago. Book value per common share as on December 31, 2017 was $91.94 against $85.94 as at December 31, 2016. Tangible book value per common share as on December 31, 2017 was $72.28 against $67.26 as at December 31, 2016.
The company announced net charge-offs for the fourth quarter ended December 31, 2017. For the quarter, the company reported net charge-offs of $123 million compared with $106 million for the third quarter.
The company provided earnings guidance for the full year of 2018. For the year, the company expects expect mid-single-digit revenue growth. The effective tax rate to be approximately 17%.
PNC Financial Services Group, Inc. is one of the leading American financial service groups. Net sales break down by activity as follows:
- retail banking (46.9%): sales of standard and specialized banking products and services (residential mortgage, leasing, factoring, insurance, etc.);
- corporate, investment and market banking (43.3%);
- asset management (7.6%);
- other (2.2%).
At the end of 2021, the bank had USD 457.3 billion in current deposits and USD 288.4 billion in current loans.
The PNC Financial Services Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018