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PNC Reports Record Full Year 2017 Net Income Of $5.4 Billion, $10.36 Diluted EPS

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PITTSBURGH, Jan. 12, 2018 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

For the year

For the quarter

2017

2016

4Q17

3Q17

4Q16

Net income $ millions

$5,388

$3,985

$2,091

$1,126

$1,047

Diluted earnings per common share

$10.36

$7.30

$4.18

$2.16

$1.97

“By just about any measure, 2017 was a successful year for PNC,” said PNC Chairman, President and Chief Executive Officer William S. Demchak. “We grew loans and deposits and added customers across our businesses, continued to focus on expense management, and generated record fee income for the year, as well as in the fourth quarter. The year ended with a benefit from the new tax legislation, giving us increased flexibility as we continue to invest in our businesses, communities and our employees, which helps drive our Main Street banking model. We executed on our strategic priorities throughout the year, including our technology initiatives and the expansion of our middle market franchise into new markets. As we enter the new year, we believe we are firmly positioned to create long-term value for our shareholders.”

PNC’s fourth quarter and full year 2017 reported net income and earnings per share benefited from the new federal tax legislation net of significant items, as summarized in the following table.

Summary Impact of Tax Legislation and Significant Items

In millions, except per share data

Diluted Earnings Per Common Share

Impact on
Net Income

EPS Impact of

Tax Legislation &

Significant Items

Reported
EPS (GAAP)

EPS Excluding Impact

of Tax Legislation &

Significant Items

(non-GAAP)

Tax legislation

$

1,129

$

2.35

Significant items, net

(218)

$

(0.46)

4Q17 impact

$

911

$

1.89

$

4.18

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