PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2025. Filed May 2, 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.
Mar 31, 2025 · Filed May 2, 2025
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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 | 2025 | 2024 | $ | % | 2025 | 2024 | $ | % |
| Noninterest income | ||||||||
| Asset management and brokerage | $391 | $374 | $17 | 5% | $391 | $364 | $27 | 7% |
| Capital markets and advisory | 306 | 348 | (42) | (12)% | 306 | 259 | 47 | 18% |
| Card and cash management | 692 | 695 | (3) | —% | 692 | 671 | 21 | 3% |
| Lending and deposit services | 316 | 330 | (14) | (4)% | 316 | 305 | 11 | 4% |
| Residential and commercial mortgage | 134 | 122 | 12 | 10% | 134 | 147 | (13) | (9)% |
| Other | 137 | 175 | (38) | (22)% | 137 | 135 | 2 | 1% |
| Total noninterest income | $1,976 | $2,044 | $(68) | (3)% | $1,976 | $1,881 | $95 | 5% |
Noninterest income as a percentage of total revenue was 36% for the first quarter of 2025 compared to 37% for both the fourth and first quarters of 2024.
Asset management and brokerage fees increased compared to the fourth quarter of 2024, driven by higher brokerage client activity and positive net flows. The increase compared to the first quarter of 2024 reflected the impact of higher average equity markets. PNC’s
6 The PNC Financial Services Group, Inc. –Form 10-Q discretionary client assets under management of $210 billion at March 31, 2025 were stable compared to $211 billion at December 31, 2024, and increased from $195 billion at March 31, 2024. Compared to March 31, 2024, the increase included the impact from higher spot equity markets.
Capital markets and advisory fees decreased compared to the fourth quarter of 2024, primarily due to lower merger and acquisition advisory activity and a decline in trading revenue. The increase compared to the first quarter of 2024 was primarily due to higher merger and acquisition advisory activity and increased trading revenue, partially offset by lower underwriting fees.
Card and cash management revenue decreased compared to the fourth quarter of 2024, as higher treasury management revenue was more than offset by seasonally lower consumer spending. The increase compared to the first three months of 2024 was primarily due to higher treasury management product revenue.
Lending and deposit services decreased compared to the fourth quarter of 2024 and included seasonally lower customer activity. The increase compared to the first quarter of 2024 reflected increased customer activity.
Residential and commercial mortgage increased compared to the fourth quarter of 2024, driven by higher results from residential mortgage rights valuation, net of economic hedge. The decrease compared to the first three months of 2024 was due to lower residential mortgage banking revenue.
Other noninterest income decreased compared to the fourth quarter of 2024, largely due to negative $40 million of Visa derivative adjustments primarily related to litigation escrow funding. Compared to the first three months of 2024, other noninterest income increased driven by higher private equity revenue, partially offset by higher negative Visa derivative adjustments. Visa derivative adjustments were negative $23 million in the fourth quarter of 2024 and negative $7 million in the first quarter of 2024.
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