The PNC Financial Services Group, Inc. (NYSE:PNC) Q3 2024 Earnings Conference Call October 15, 2024 10:00 AM ET
Company Participants
Bryan Gill - Executive Vice President and Director of Investor Relations
Bill Demchak - Chairman and Chief Executive Officer
Rob Reilly - Executive Vice President and Chief Financial Officer
Conference Call Participants
Erika Najarian - UBS
John Pancari - Evercore
Piper Sandler - Scott Siefers
Matt O'Connor - Deutsche Bank
Bill Carcache - Wolfe Research
Mike Mayo - Wells Fargo
Ebrahim Poonawala - Bank of America
Betsy Graseck - Morgan Stanley
Gerard Cassidy - RBC Capital Markets
Operator
Greetings, welcome to The PNC Financial Services Group Q3 2024 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] Please note that this conference is being recorded.
I will now turn the conference over to Bryan Gill, Executive Vice President and Director of Investor Relations. Thank you. You may begin.
Bryan Gill
Well, good morning. Welcome to today's conference call for The PNC Financial Services Group. I am Bryan Gill, the Director of Invest 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-GAPP 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 October 15, 2024, and PNC undertakes no obligation to update them.
Now I'd like to turn the call over to Bill.
Bill Demchak
Thank you, Bryan, and good morning, everyone. As you've seen, we had a very good third quarter. We executed well and saw a strong momentum across our franchise. We generated $1.5 billion in net income worth $3.49, diluted earnings per share.
Rob will take you through the details shortly, but I wanted to highlight a few points. First, we generated positive operating leverage for the third consecutive quarter. And as an aside, our strong performance has positioned us to deliver positive operating leverage for the full-year of 2024. Inside of the third quarter performance NII grew 3% as we continue our growth trajectory towards expected record NII in 2025. Our fee income grew 10% with a very strong quarter in capital markets and we remain disciplined on the expense front.