The PNC Financial Services Group, Inc. (NYSE:PNC) Q4 2019 Earnings Conference Call - Final Transcript
Jan 15, 2020 • 09:30 am ET
Good morning. My name is Dina, and I will be your conference operator for today. At this time, I would like to welcome everyone to The PNC Financial Services Group Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded, Wednesday, January 15th, 2020.
I would now turn the call over to the Director of Investor Relations, Mr. Bryan Gill. Sir, please go ahead.
Bryan K. Gill
Well, thank you and good morning, everyone. Welcome to today's conference call for The PNC Financial Services Group. Participating on this call are PNC's Chairman, President 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 materials are all available on our corporate website pnc.com under Investor Relations. These statements speak only as of January 15th, 2020 and PNC undertakes no obligation to update them.
Now I'd like to turn the call over to Bill.
William S. Demchak
Thanks, Bryan, and good morning, everybody. You saw today that we reported full year 2019 results with net income of $5.4 billion or $11.39 per diluted common share. For the full year, we increased earnings per share, achieved record revenue, improved our efficiency ratio and generated positive operating leverage.
Overall, it was an excellent year for PNC capped by another solid quarter. We reported fourth quarter net income of $1.4 billion or $2.97 diluted per share. During the quarter, we grew loans, deposits and revenue, and while our provision increased, overall credit quality remained strong. Rob is going to take you through the full details of our financial results in just a second. And we remain dedicated and diligent on our continued investment in our businesses and technology to drive long-term growth.
Along these lines, I was very pleased with the continued progress we made this quarter on our key strategic initiatives including the national expansion of our middle market and retail banking efforts. We remain committed to growing our business, but also maintaining an efficient organization capable of achieving positive operating leverage. I'd like to spend just a minute to thank our employees for all of their efforts to make 2019, a successful year. We achieved a great deal this past year for our customers, shareholders and the communities we serve and none of it would have been possible without the combined efforts of our more than 51,000 employees working toward our common goals.
As 2020 begins, we expect to face uncertainty in the year to come from the economic environment to the ramifications of international trade disputes, the geopolitical situation and the presidential election -- election campaign in the US. But we're excited about the momentum with which we've entered the year, and along with our increased capital flexibility as a result of the tailoring rules, we believe our strategy, focus on our -- our strategy and focus on our