PNC - The PNC Financial Services Group Inc. (PNC) Q1 2024 Earnings Call Transcript
2024-04-16 13:28:08 ET
The PNC Financial Services Group, Inc. (PNC)
Q1 2024 Earnings Conference Call
April 16, 2024 10:00 AM ET
Company Participants
Bryan Gill - Director of IR
William Demchak - Chairman, President & CEO
Robert Reilly - EVP & CFO
Conference Call Participants
Betsy Graseck - Morgan Stanley
John Pancari - Evercore
Matt O'Connor - Deutsche Bank
Gerard Cassidy - RBC
Dave Rochester - Compass Point
Ebrahim Poonawala - Bank of America
Bill Carcache - Wolfe Research
Ken Usdin - Jefferies
Mike Mayo - Wells Fargo
John McDonald - Autonomous Research
Presentation
Operator
Greetings, and welcome to the PNC Financial Services Group Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Bryan Gill. Thank you, Brian. You may begin.
Bryan Gill
Well, good morning, and welcome to today's conference call for the PNC Financial Services Group. I am Bryan Gill, the Director of Investor Relations for PNC, and participating on this call are PNC's Chairman and CEO, Bill Demchak; and Rob Reilly, Executive Vice President and CFO.
Today's presentation contains forward-looking information, cautionary statements about this information as well as reconciliations of non-GAAP measures are included in today's earnings release materials as well as our SEC filings and other investor materials. These are all available on our corporate website, pnc.com under invest relations. These statements speak only as of April 16, 2024, and PNC undertakes no obligation to update them.
Now, I'd like to turn the call over to Bill.
William Demchak
Thank you, Bryan, and good morning, everyone. In the first quarter, we executed well and delivered solid financial results. We generated $1.3 billion in net income, and adjusting for the FDIC special assessment $3.36 per share. Rob will provide details on our results in a moment, but I'll start with a few thoughts.
First, we continue to grow our business. In the first quarter, we added new customers across our segments and increased deposits on a spot basis. We're continuing to invest heavily in our franchise to drive growth and gain share, particularly in our retail banking technology platform or payments businesses and our expansion markets....
The PNC Financial Services Group, Inc. (PNC) Q1 2024 Earnings Call Transcript