The PNC Financial Services Group, Inc. (NYSE:PNC) Q4 2019 Earnings Conference Call - Final Transcript
Jan 15, 2020 • 09:30 am ET
Robert Q. Reilly
rates to remain relatively stable. Taking these assumptions into consideration, our full year 2020 guidance compared to full year 2019 results is as follows. We expect loan growth to be in the range of 4% to 5%. We expect total revenue growth to be in the low end of the low-single digit range, which includes approximately 1% of net interest income growth. We expect expenses to be stable and we expect our effective tax rate to be approximately 17.5%. Based on this guidance, we believe we'll generate positive operating leverage of approximately 1% in 2020.
Looking at first quarter 2020 compared to fourth quarter 2019 results, we expect average loans to be up approximately 1%. We expect total net interest income to decline approximately 1% reflecting one less day in the quarter. We expect fee income to be down approximately 3%. We expect other non-interest income to be between $300 million and $350 million, excluding net securities and Visa activity. We expect expenses to be down in the mid-single digit range, and we expect provision to be between $225 million and $300 million.
With that, Bill and I are ready to take your questions.
Bryan K. Gill
Dina, can we have the first question, please?