PNC FINANCIAL SERVICES GROUP, INC.

Table 4: Noninterest Income

*-Not meaningful

Noninterest income as a percentage of total revenue was 38% for the third quarter of 2025 compared to 37% for the second quarter of 2025, and 37% for the first nine months of 2025 compared to 38% for the same period in 2024.

Asset management and brokerage fees increased compared to the second quarter of 2025 and the first nine months of 2024. In both comparisons, the increase was driven by higher average equity markets. PNC’s discretionary client assets under management of $228 billion at September 30, 2025 increased compared to $217 billion at June 30, 2025, and $214 billion at September 30, 2024. In both comparisons, the increase included the impact from higher spot equity markets and positive net flows.

The PNC Financial Services Group, Inc. –Form 10-Q 7

Capital markets and advisory fees increased compared to the second quarter of 2025, driven by an increase in merger and acquisition advisory activity, higher underwriting fees and increased loan syndication revenue. The increase in the year-to-date comparison was primarily due to increased trading revenue and higher merger and acquisition advisory activity.

Card and cash management revenue was stable compared to the second quarter of 2025. The increase compared to the first nine months of 2024 was primarily due to higher treasury management product revenue.

Lending and deposit services increased in both the quarterly and year-to-date comparisons, primarily due to increased customer activity. In the year-to-date comparison, the increase was also driven by growth in consumer checking accounts.

Residential and commercial mortgage increased compared to the second quarter of 2025, driven by higher mortgage servicing rights valuation, net of economic hedge, and increased residential mortgage production revenue. The decrease compared to the first nine months of 2024 was primarily due to lower residential mortgage revenue, partially offset by higher commercial mortgage revenue.

Other noninterest income decreased compared to the second quarter of 2025, reflecting negative Visa derivative adjustments, partially offset by higher private equity revenue. Visa derivative adjustments were negative $35 million in the third quarter of 2025, primarily related to litigation escrow funding, and positive $2 million in the second quarter of 2025. Compared to the first nine months of 2024, other noninterest income increased reflecting lower negative Visa derivative adjustments, partially offset by $141 million of significant items recognized in the second quarter of 2024. Visa derivative adjustments were negative $73 million for the first nine months of 2025 compared to negative $251 million for the same period in 2024.