The PNC Financial Services Group, Inc. reported net income of $1.5 billion, or $3.51 diluted EPS, for the first quarter of 2025. This represents a 12% increase compared to the first quarter of 2024.
Total revenue for Q1 2025 was $5.45 billion, a 2% decrease linked quarter but a 6% increase year-over-year. Net interest income (NII) was $3.48 billion, down 1% linked quarter due to fewer days but up 6% year-over-year, driven by lower funding costs and fixed-rate asset repricing.
The net interest margin (NIM) expanded by 3 basis points linked quarter to 2.78% and by 21 basis points year-over-year. Noninterest income decreased 3% linked quarter to $1.98 billion, influenced by lower capital markets activity and seasonality, but increased 5% year-over-year.
Noninterest expense declined 3% linked quarter to $3.39 billion, reflecting the absence of Q4 2024 asset impairments and seasonally lower expenses. The company maintained solid credit quality metrics, with net loan charge-offs of $205 million, or 0.26% annualized to average loans.
PNC's capital position remained strong, with a Common Equity Tier 1 (CET1) ratio of 10.6% at March 31, 2025. Tangible book value per common share increased 5% linked quarter to $100.40. The company repurchased approximately $200 million of common shares in Q1 2025.
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