The PNC Financial Services Group reports third-quarter net income of $2.1 billion

The PNC Financial Services Group reported on October 15, 2026 net income of $2.1 billion for the third quarter of 2026, or $4.97 per diluted share, up from $4.81 in the second quarter. Excluding integration costs and other items from both quarters, adjusted diluted EPS was $5.09, up $0.24.

Total revenue of $6.6 billion fell 5% from the second quarter, as net interest income rose 2% to $4.2 billion and noninterest income declined. Fee income fell 6%, mainly due to elevated second-quarter capital markets activity. Noninterest expense fell 8% to $3.8 billion, or 3% as adjusted, and the efficiency ratio improved to 57%.

Average loans rose $9 billion, or 2%, to $372.2 billion, and average deposits rose 1% to $461.2 billion. The company transferred a $1.4 billion student loan portfolio to held-for-sale. Net loan charge-offs were $257 million, including $35 million related to that transfer.

Integration costs tied to the FirstBank acquisition were $36 million, and net Visa activity was a negative $25 million. Together, after tax, these reduced net income by $48 million, or 12 cents per share. Capital returned to shareholders totaled $1.4 billion, including $0.8 billion in dividends and $0.6 billion in share repurchases.

The board declared a quarterly dividend of $2.00 per share, payable November 5, 2026 to shareholders of record at the close of business October 14, 2026. The company said its Basel III common equity tier 1 capital ratio was an estimated 9.8% at September 30, 2026, down from 9.9% at June 30, 2026. The company said fourth-quarter share repurchases are expected to approximate third-quarter levels, and that it may adjust them depending on market and economic conditions.