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
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Noninterest Income
Table 4: Noninterest Income
| Three months ended · Three months ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31 · December 31 · Change · March 31 · March 31 · Change | ||||||||
| Dollars in millions | 2026 | 2025 | $ | % | 2026 | 2025 | $ | % |
| Noninterest income | ||||||||
| Asset management and brokerage | $420 | $411 | $9 | 2% | $420 | $391 | $29 | 7% |
| Capital markets and advisory | 463 | 489 | (26) | (5)% | 463 | 306 | 157 | 51% |
| Card and cash management | 738 | 733 | 5 | 1% | 738 | 692 | 46 | 7% |
| Lending and deposit services | 340 | 342 | (2) | (1)% | 340 | 316 | 24 | 8% |
| Residential and commercial mortgage | 118 | 148 | (30) | (20)% | 118 | 134 | (16) | (12)% |
| Other income | 125 | 217 | (92) | (42)% | 125 | 137 | (12) | (9)% |
| Total noninterest income | $2,204 | $2,340 | $(136) | (6)% | $2,204 | $1,976 | $228 | 12% |
Noninterest income as a percentage of total revenue was 36% for the first quarter of 2026 compared to 39% for the fourth quarter of 2025 and 36% for the first three months of 2025.
Asset management and brokerage fees increased compared to the fourth and first quarters of 2025. In both comparisons, the increase was a result of higher average equity markets and increased client activity. PNC’s discretionary client assets under management of $230 billion at March 31, 2026 decreased $4.0 billion compared to $234 billion at December 31, 2025, driven by decreases in spot
6 The PNC Financial Services Group, Inc. –Form 10-Q equity markets. PNC’s discretionary client assets under management at March 31, 2026 increased $20.0 billion from $210 billion at March 31, 2025 and included the impact from higher spot equity markets and positive net flows.
Capital markets and advisory fees decreased compared to the fourth quarter of 2025 as both higher underwriting and trading revenue were more than offset by lower merger and acquisition advisory fees. The increase compared to the first quarter of 2025 was primarily due to higher merger and acquisition advisory activity and increased trading revenue.
Card and cash management revenue increased compared to the fourth and first quarters of 2025 and included higher treasury management product revenue.
Lending and deposit services decreased compared to the fourth quarter of 2025 and included seasonally lower customer activity and the addition of FirstBank. Compared to the first three months of 2025, the increase reflected the addition of FirstBank customer activity.
Residential and commercial mortgage decreased compared to the fourth quarter of 2025 due to a $31 million decline in mortgage servicing rights valuation, net of economic hedge, driven by rate volatility. The decrease compared to the first three months of 2025 was primarily due to lower commercial mortgage revenue.
Other noninterest income decreased compared to both the fourth and first quarters of 2025. The decrease in both comparisons reflected lower private equity revenue, partially offset by net securities gains and lower negative Visa derivative adjustments. Visa derivative adjustments for the first quarter of 2026 were negative $32 million compared to negative $41 million in the fourth quarter of 2025 and negative $40 million for the first quarter of 2025.
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