PNC Announces Stress Capital Buffer (SCB) and Planned Capital Actions

Capital Analysis and Review - The Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR) estimated PNC's minimum capital ratios for the period from Q1 2024 through Q1 2026 under the hypothetical Supervisory Severely Adverse scenario [1] - PNC's calculated Stress Capital Buffer (SCB) for the four-quarter period beginning Oct 1, 2024 is 2.2%, below the regulatory minimum SCB amount of 2.5% [1] - PNC's Common Equity Tier 1 (CET1) ratio of 10.1% as of March 31, 2024 significantly exceeds the regulatory minimum plus SCB (7.0%) [1] - Under the Federal Reserve's projections in the 2024 Supervisory Severely Adverse scenario, PNC's post-stress capital ratios are projected to remain well above regulatory minimums, with minimum and ending CET1 ratios both projected to be 8.3%, compared to the regulatory minimum of 4.5% [1] Dividend and Share Repurchase - PNC plans to recommend a 5 cents per share (3%) increase in the quarterly cash dividend on common stock to $1.60 per share in Q3 2024, consistent with the current capital plan approved by its board [2] - The board of directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, with approximately 44% still available for repurchase as of March 31, 2024 [3] - Share repurchase activity in Q3 2024 is expected to be consistent with recent quarterly levels, with actual amounts and timing dependent on market and economic conditions [3] Company Overview - PNC Financial Services Group is one of the largest diversified financial services institutions in the United States, offering retail and business banking, specialized services for corporations and government entities, wealth management, and asset management [4]