Transcript: PNC Financial Services Gr Q2 2026 Earnings Conference Call

PNC Financial Services Gr (NYSE: PNC ) held its second-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

81 per diluted share. 85. The company experienced strong business momentum, driven by new client acquisitions and growth in net interest income from commercial loans and favorable deposit mix. Fee income saw a significant increase of 10% quarter-over-quarter and 20% year-over-year.

PNC's credit performance remained solid, with strong results in the Fed's stress tests. The board approved an 18% increase in the quarterly common stock dividend to $2 per share. Strategic initiatives included the successful integration of First Bank, expansion into new markets with new branches, and the launch of a new mobile banking platform. Future outlook includes expectations of continued loan and net interest income growth, stable deposit balances, and a CET1 ratio target around 10%.

Full-year revenue growth is projected at 13%, with a focus on maintaining expense management. Management highlighted the strength and broad-based nature of loan growth and capital market revenues while noting the sector's resilience and ability to adapt to economic conditions. Full Transcript OPERATOR Greetings and welcome to the PNC Financial Services Group Earnings Conference Call. At this time, all participants are on a listen-only mode.

A question and answer session will follow the formal presentation. If you would like to ask a question during that time, please press star one on your telephone keypad. If you would like to withdraw your question, please press star two on your telephone keypad. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Gill. Thank you, Brian. You may now begin.

Brian Gill, Director of Investor Relations Well, good morning and welcome to today's conference call for the PNC Financial Services Group. I am Brian 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.

com, under Investor Relations. These statements speak only as of July 15, 2026, and PNC undertakes no obligation to update them. Now I'd like to turn the call over to Bill. William Demchak, Chairman Of The Board Thank you, Brian, and good morning everyone.

As you saw, PNC delivered an impressive second quarter. 81 per diluted share. Our results included first bank integration costs and other significant items. 85.

Now Rob's going to take you through all those details on our financial results in a couple, but let me just hit a few highlights. Business momentum remains really strong. We continue to win new clients and deepen existing relationships. DDA growth continues at a healthy pace while client acquisition across our corporate and private banking businesses continues to grow meaningfully.

Net interest income grew on the back of continued commercial loan growth as well as favorable deposit mix and pricing, and fee income performance was a particular highlight, increasing 10% linked quarter and 20% year over year. Growth has been broad-based across every fee category, underscoring the value of our diversified business model. We also generated positive operating leverage and improved our efficiency ratio. Credit performance remained strong reflecting the strength of our economy as well as the quality of our portfolio.

The consistency of our financial strength was evident in the Fed's latest stress test results. For the fourth year in a row, PNC's start to trough capital depletion was the lowest in our peer group, further demonstrating our best-in-class resiliency. 30 or 18% to $2 per share. Beyond these financial results, we continue to make meaningful progress on the things that will drive our future success.

We successfully completed the conversion of First Bank, opened new branches in high-growth markets, introduced a new mobile banking platform, all the while continuing to advance client and infrastructure technologies. None of these efforts are about the next quarter. They're about making PNC a better bank for our customers and positioning the company for sustained growth over the long term. In summary, we had a great quarter and importantly, we are well-positioned to drive further growth across our company.

Before I turn it over to Rob, as always, I just want to thank our employees for everything they do for our company and our customers. And with that, Rob will take you through the quarter. Rob Reilly (Executive Vice President and CFO) Thanks, Bill, and good morning, everyone. Our balance sheet is on slide 4 and is presented on an average basis for the linked quarter.

Loans of $363 billion grew $12 billion or 4%. 45%. Average deposit balances of $