PNC FINANCIAL SERVICES GROUP, INC.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Noninterest Income
Table 4: Noninterest Income
| Three months ended · Six months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30 · March 31 · Change · June 30 · June 30 · Change | ||||||||
| Dollars in millions | 2025 | 2025 | $ | % | 2025 | 2024 | $ | % |
| Noninterest income | ||||||||
| Asset management and brokerage | $391 | $391 | $— | —% | $782 | $728 | $54 | 7% |
| Capital markets and advisory | 321 | 306 | 15 | 5% | 627 | 531 | 96 | 18% |
| Card and cash management | 737 | 692 | 45 | 7% | 1,429 | 1,377 | 52 | 4% |
| Lending and deposit services | 317 | 316 | 1 | —% | 633 | 609 | 24 | 4% |
| Residential and commercial mortgage | 128 | 134 | (6) | (4)% | 262 | 278 | (16) | (6)% |
| Other income | ||||||||
| Gain on Visa shares exchange program | — | — | — | * | — | 754 | (754) | * |
| Securities gains (losses) | — | (2) | 2 | * | (2) | (499) | 497 | * |
| Other | 212 | 139 | 73 | 53% | 351 | 212 | 139 | 66% |
| Total other income | 212 | 137 | 75 | 55% | 349 | 467 | (118) | (25)% |
| Total noninterest income | $2,106 | $1,976 | $130 | 7% | $4,082 | $3,990 | $92 | 2% |
*-Not meaningful
Noninterest income as a percentage of total revenue was 37% for the second quarter of 2025 compared to 36% for the first quarter of 2025, and 37% for the first six months of 2025 compared to 38% for the same period in 2024.
Asset management and brokerage fees were stable compared to the first quarter of 2025. The increase in the year-to-date comparison reflected the impact of higher average equity markets. PNC’s discretionary client assets under management of $217 billion at June 30, 2025 increased compared to $210 billion at March 31, 2025, and $196 billion at June 30, 2024. Compared to June 30, 2024, the increase included the impact from higher spot equity markets and positive net flows.
Capital markets and advisory fees increased compared to the first quarter of 2025, reflecting an increase in trading revenue,
primarily related to derivative sales. The increase in the year-to-date comparison was primarily due to increased trading revenue and higher merger and acquisition advisory activity.
The PNC Financial Services Group, Inc. –Form 10-Q 7
Card and cash management revenue increased compared to the first quarter of 2025, as a result of seasonally higher consumer transaction volumes and growth in treasury management product revenue. The increase compared to the first six months of 2024 was primarily due to higher treasury management product revenue.
Lending and deposit services were stable compared to the first quarter of 2025. The increase compared to the first six months of 2024 reflected increased customer activity and growth in consumer checking accounts.
Residential and commercial mortgage decreased in both the quarterly and year-to-date comparisons, primarily due to lower residential mortgage revenue.
Other noninterest income increased compared to the first quarter of 2025, reflecting Visa related activity and other positive valuation adjustments, partially offset by lower private equity revenue. Visa derivative adjustments were positive $2 million in the second quarter of 2025 compared to negative $40 million in the first quarter of 2025. Compared to the first six months of 2024, other noninterest income decreased reflecting the benefit of $141 million of significant items recognized in the second quarter of 2024. Visa derivative adjustments were negative $38 million for the first six months of 2025 compared to negative $123 million for the same period in 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.