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The PNC Financial Services Group (PNC) investor relations material
The PNC Financial Services Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q3 2025 was $1.8 billion, or $4.35 per share, with record revenue and strong fee growth, supported by higher net interest income and broad-based customer and deposit growth.
Credit quality remained strong, with a net charge-off ratio of 0.22% and CET1 capital ratio at 10.6%.
Announced agreement to acquire FirstBank for $4.1 billion, expected to triple branch footprint in Colorado and add presence in Arizona, with closing anticipated in early 2026.
Record non-interest income and fee growth, with well-controlled expenses and positive operating leverage.
Maintained strong capital position and returned $1 billion to shareholders in Q3 through dividends and share repurchases.
Financial highlights
Q3 total revenue reached $5.9 billion, up 4% sequentially and 9% year-over-year; net interest income was $3.6 billion, up 3% sequentially and 7% year-over-year.
Non-interest income was $2.3 billion, up 8% sequentially and 12% year-over-year, with fee income up 9% sequentially.
Non-interest expense was $3.5 billion, up 2% sequentially and 4% year-over-year, mainly due to higher personnel and technology costs.
Tangible book value per share increased 4% sequentially and 11% year-over-year to $107.84.
Efficiency ratio improved to 59%, reflecting well-controlled expenses.
Outlook and guidance
Q4 2025 guidance: average loans stable to up 1%, net interest income expected to be stable to down 1.5%, and fee income down ~3% due to elevated Q3 levels.
Net charge-offs for Q4 projected at $200–$225 million.
Share repurchases in Q4 expected at $300–$400 million.
Baseline forecast anticipates GDP growth below 2% in 2025–2026, unemployment peaking above 4.5% in mid-2026, and three federal funds rate cuts by early 2026.
NIM expected to exceed 3% in 2026; NII growth for 2025 at 6.5%, with higher growth in 2026.
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Frequently asked questions
The Pillar of Pittsburgh
The PNC Financial Services Group, popularly known as PNC Bank, is a well-established US bank. Founded in Pittsburgh, Pennsylvania in 1845, PNC has become a significant figure in the financial world, offering a wide range of services such as retail banking, asset management, corporate and institutional banking, and residential mortgage banking. With its merger with BBVA USA in 2021, PNC has expanded its footprint significantly, operating in more than 30 states across the country, thus solidifying its position as one of the largest banks in the United States.
Pittsburgh Born and Bred
Pittsburgh has been home to PNC Bank since its inception. It started as the Pittsburgh Trust and Savings Company and later merged with the Provident National Corporation to form PNC. Despite its nationwide growth and expansion, the bank’s roots are still very much embedded in Pittsburgh. While PNC now operates on a much larger scale, it has maintained its close connection to the community and has its headquarters in the city’s downtown, being an active contributor to the economic and cultural life of Pittsburgh. One clear example of this is the Pittsburgh Pirates MLB team, who play all of their home games at a ballpark to which PNC owns the naming rights.
Diversified Banking Services
The bank's main business segments include retail banking, asset management, corporate and institutional banking, and residential mortgage banking. Retail banking offers deposit, lending, brokerage, investment management, mortgages, and other traditional services to private individuals and small business customers.
The asset management segment provides wealth management, asset management, and retirement plans. The corporate and institutional banking segment provides lending, treasury management, and capital markets-related products and services.
All in all, the offerings that PNC provides for its customers are more or less in line with the other big banks that they compete against. When looking at the competition, we find names such as Citigroup, JPMorgan, Wells Fargo, and many others.
Preparation for the Digital Era
The digital revolution has affected every industry, and banking is no exception. PNC Bank has made strides to ensure that it remains relevant in the digital age. One way the bank has done this is by introducing Virtual Wallet, a mobile and online banking experience, which brings together banking, budgeting, and savings. This is a clear example of how PNC, like many banks today, continues to improve its digital offerings as customer preferences continue to shift toward online banking.
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