PNC FINANCIAL SERVICES GROUP INC

The following table presents credit ratings and outlook for PNC as of December 31, 2024:

Table 33: Credit Ratings and Outlook

(a) S&P does not provide depositor ratings. PNC Bank’s long term issuer rating is A and short term issuer rating is A-1.

Capital Management

We manage our funding and capital positions by making adjustments to our balance sheet size and composition, issuing or redeeming debt, issuing equity or other capital instruments, executing treasury stock transactions and capital redemptions or repurchases and managing dividend policies and retaining earnings.

On December 2, 2024, PNC redeemed $500 million of depositary shares representing interests in PNC’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series R. Each depositary share represents 1/100th interest in a share of the Series R preferred stock.

In 2024, we returned $3.1 billion of capital to shareholders through dividends on common shares of $2.5 billion and repurchases of 3.5 million common shares for $0.6 billion. Consistent with the SCB framework, which allows for capital return in amounts in excess of the SCB minimum levels, our Board of Directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 42% were still available for repurchase at December 31, 2024. First quarter 2025 share repurchase activity is expected to approximate recent quarterly average share repurchase levels. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors. PNC’s SCB for the four-quarter period beginning October 1, 2024 is the regulatory minimum of 2.5%.

On January 3, 2025, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.60 per share paid on February 5, 2025 to shareholders of record at the close of business January 15, 2025.

See the Supervision and Regulation section of Item 1 Business in this Report for further information concerning the CCAR and

DFAST process and the factors the Federal Reserve takes into consideration in its evaluation of capital plans.

74 The PNC Financial Services Group, Inc. –2024 Form 10-K