PNC FINANCIAL SERVICES GROUP, INC.

For the period ended Jun 30, 2025. Filed Aug 1, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 1, 2025

PNC$231.30+2.6%Stored close · as of Nov 9, 2026

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Contents

Business Segment Results

Results of our reportable business segments for the three and six months ended June 30, 2025 and 2024 are as follows:

Table 81: Business Segment Results

	Retail Banking		Corporate & Institutional Banking		Asset Management Group
In millions	2025	2024	2025	2024	2025	2024
Net interest income (a)(b)	$2,976	$2,715	$1,675	$1,531	$179	$153
Noninterest income	782	1,409	1,022	942	244	235
Total revenue (a)(b)	3,758	4,124	2,697	2,473	423	388
Provision for (recapture of) credit losses	83	27	184	228	(13)	2
Noninterest expense (c)
Personnel	539	533	370	348	115	115
Segment allocations (d)	978	940	381	374	118	110
Depreciation and amortization	87	77	49	51	10	9
Other (e)	286	291	150	138	25	27
Total noninterest expense	1,890	1,841	950	911	268	261
Income before income taxes and noncontrolling interests (a)(b)	1,785	2,256	1,563	1,334	168	125
Income taxes (a)(b)	416	526	329	283	39	30
Net income (a)(b)	1,369	1,730	1,234	1,051	129	95
Less: Net income attributable to noncontrolling interests	10	11	5	5	—	—
Net income excluding noncontrolling interests (a)(b)	$1,359	$1,719	$1,229	$1,046	$129	$95
Average Assets (a)	$114,061	$117,322	$234,391	$229,604	$14,629	$14,779
Net interest income (a)(b)	$5,812	$5,338	$3,303	$3,051	$353	$301
Noninterest income	1,488	2,173	2,000	1,830	487	465
Total revenue (a)(b)	7,300	7,511	5,303	4,881	840	766
Provision for (recapture of) credit losses	251	145	233	275	(12)	(3)
Noninterest expense (c)
Personnel	1,077	1,074	746	714	236	236
Segment allocations (d)	1,945	1,867	764	740	235	217
Depreciation and amortization	173	153	100	101	18	16
Other (e)	597	584	296	278	58	57
Total noninterest expense	3,792	3,678	1,906	1,833	547	526
Income before income taxes and noncontrolling interests (a)(b)	3,257	3,688	3,164	2,773	305	243
Income taxes (a)(b)	758	861	682	596	71	58
Net income (a)(b)	2,499	2,827	2,482	2,177	234	185
Less: Net income attributable to noncontrolling interests	19	19	9	10	—	—
Net income excluding noncontrolling interests (a)(b)	$2,480	$2,808	$2,473	$2,167	$234	$185
Average Assets (a)	$114,601	$116,856	$230,750	$229,151	$14,556	$14,654

(a)During the second quarter of 2025, certain loans and deposits, and the associated income statement impact, were transferred from the Asset Management Group to Retail Banking to better align products and services with the appropriate business segment. Prior periods have been adjusted to conform with the current presentation.

(b)During the second quarter of 2025, brokered time deposits, and the associated income statement impact, were reclassified from Retail Banking to other activities, reflecting their use for asset and liability management. Prior periods have been adjusted to conform with the current presentation.

(c)As a result of an organizational realignment, certain expenses were reclassified as corporate operations and were moved from Retail Banking to other activities during the second quarter of 2025. Prior periods have been adjusted to conform with the current presentation.

(d)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.

(e)Other is primarily comprised of other direct expenses including outside services and equipment expense.

98 The PNC Financial Services Group, Inc. –Form 10-Q

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