PNC FINANCIAL SERVICES GROUP, INC.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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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.
Mar 31, 2026 · Filed May 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Asset Management Group Table
Asset Management Group
The Asset Management Group strives to be a leading relationship-based provider of investment, planning, credit and cash management solutions and fiduciary services to affluent individuals and institutions by endeavoring to proactively deliver value-added ideas, solutions and exceptional service. The Asset Management Group’s priorities are to serve our clients’ financial objectives, grow and deepen customer relationships and deliver solid financial performance with prudent risk and expense management.
Table 14: Asset Management Group Table
| (Unaudited) | ||||
|---|---|---|---|---|
| Three months ended March 31 | Change | |||
| Dollars in millions, except as noted | 2026 | 2025 | $ | % |
| Income Statement | ||||
| Net interest income (a) | $189 | $174 | $15 | 9% |
| Noninterest income | 262 | 243 | 19 | 8% |
| Total revenue (a) | 451 | 417 | 34 | 8% |
| Provision for credit losses | 5 | 1 | 4 | * |
| Noninterest expense | ||||
| Personnel | 125 | 121 | 4 | 3% |
| Segment allocations (b) | 127 | 117 | 10 | 9% |
| Depreciation and amortization | 10 | 8 | 2 | 25% |
| Other (c) | 30 | 33 | (3) | (9)% |
| Total noninterest expense | 292 | 279 | 13 | 5% |
| Pre-tax earnings (a) | 154 | 137 | 17 | 12% |
| Income taxes (a) | 36 | 32 | 4 | 13% |
| Earnings (a) | $118 | $105 | $13 | 12% |
| Average Balance Sheet | ||||
| Loans (a) | ||||
| Consumer | ||||
| Residential real estate | $9,826 | $9,907 | $(81) | (1)% |
| Other consumer | 3,735 | 3,472 | 263 | 8% |
| Total consumer | 13,561 | 13,379 | 182 | 1% |
| Commercial | 835 | 657 | 178 | 27% |
| Total loans | $14,396 | $14,036 | $360 | 3% |
| Total assets (a) | $14,804 | $14,482 | $322 | 2% |
| Deposits (a) | ||||
| Noninterest-bearing | $1,411 | $1,540 | $(129) | (8)% |
| Interest-bearing | 26,310 | 26,106 | 204 | 1% |
| Total deposits | $27,721 | $27,646 | $75 | —% |
| Performance Ratios (a) | ||||
| Return on average assets | 3.23% | 2.94% | ||
| Noninterest income to total revenue | 58% | 58% | ||
| Efficiency | 65% | 67% | ||
| Other Information | ||||
| Nonperforming assets (d) | $45 | $36 | $9 | 25% |
| Net charge-offs - loans and leases | $— | $— | $— | * |
| Client Assets Under Administration (in billions) (d)(e) | ||||
| Discretionary client assets under management | ||||
| PNC Private Bank | $136 | $127 | $9 | 7% |
| Institutional Asset Management | 94 | 83 | 11 | 13% |
| Total discretionary client assets under management | 230 | 210 | 20 | 10% |
| Nondiscretionary client assets under administration | 233 | 201 | 32 | 16% |
| Total | $463 | $411 | $52 | 13% |
*- Not Meaningful
(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)Represents expense allocations for corporate overhead services used by each business segment; primarily comprised of technology, human resources and occupancy-related allocations.
(c)Other is primarily comprised of other direct expenses including outside services and equipment expense.
(d)As of March 31.
(e)Excludes brokerage account client assets.
The PNC Financial Services Group, Inc. –Form 10-Q 17
The Asset Management Group consists of two primary businesses: PNC Private Bank and Institutional Asset Management.
The PNC Private Bank is focused on being a premier private bank in each of the markets it serves, seeking to deliver high quality banking, trust and investment management services to our emerging affluent, high net worth and ultra-high net worth clients through a broad array of products and services.
Institutional Asset Management provides outsourced chief investment officer, custody, cash and fixed income client solutions, and retirement plan fiduciary investment services to institutional clients, including corporations, healthcare systems, insurance companies, municipalities and non-profits.
Asset Management Group earnings in the first three months of 2026 increased $13 million compared to the same period in 2025, driven by higher revenue, partially offset by higher noninterest expense and a higher provision for credit losses.
Net interest income increased in the comparison primarily due to wider interest rate spreads on the value of deposits.
Noninterest income increased in the comparison reflecting higher average equity markets.
Noninterest expense increased in the comparison due to continued investments to support business growth and higher variable compensation associated with increased business activity.
Average total loans increased in the comparison and included growth in securities-based lending and higher commercial loan balances.
Average deposits were stable in the comparison.
Discretionary client assets under management increased in the comparison driven by higher spot equity markets and positive net flows.
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