Core Viewpoint - PNC Financial Services Group, Inc. is expected to report improved fourth-quarter and full-year 2025 earnings on January 16, driven by higher revenues and earnings year-over-year [1][11]. Financial Performance - In Q3, PNC's earnings exceeded the Zacks Consensus Estimate, supported by increased net interest income (NII) and fee income, despite higher expenses acting as a headwind [2]. - The company has a strong earnings surprise history, with an average surprise of 8.26% over the last four quarters [2]. Net Interest Income (NII) - The Federal Reserve's interest rate cuts in Q4 are anticipated to ease funding costs, positively impacting PNC's NII, which is expected to rise approximately 1.5% sequentially [3][11]. - The Zacks Consensus Estimate for NII is $3.71 billion, reflecting a sequential increase of nearly 1.7% [4]. Loan and Deposit Activity - Average loans are projected to remain stable or increase by 1% sequentially in Q4 2025, aligning with company guidance [5]. - Demand for various loan types, including commercial and industrial, real estate, and consumer loans, has been solid in the early part of the quarter [4]. Non-Interest Revenues - Mortgage-related revenues are expected to face pressure due to a decline in refinancing activity, with the Zacks Consensus Estimate for residential and commercial mortgage revenues at $139.8 million, indicating a 13.2% sequential decline [6][7]. - Asset management and brokerage income is projected to benefit from increased client engagement, with a consensus estimate of $410.5 million, reflecting a 1.61% sequential rise [8][9]. Capital Markets and Advisory Revenues - Global mergers and acquisitions activity has strengthened, likely improving PNC's capital markets and advisory revenues, with a Zacks Consensus Estimate of $427.91 million, indicating a nearly 1% sequential decline [10][12]. Expenses and Asset Quality - Non-interest expenses are expected to rise by 1%–2% sequentially, driven by investments in technology and digitalization, with an estimate of $3.52 billion [13][14]. - Management anticipates net charge-offs to be between $200 million and $225 million, up from $179 million in Q3 2025, indicating a cautious approach to asset quality [14][15]. Earnings Expectations - The Zacks Consensus Estimate for Q4 earnings per share has been revised upward to $4.23, representing a year-over-year increase of 12.2% [17]. - Total revenues are expected to show a 7.1% year-over-year increase, with projections for Q4 revenues at $5.96 billion [17]. 2025 Outlook - For the full year 2025, PNC anticipates a 6.5% year-over-year increase in NII and a 1% rise in average loans to $319.8 billion [18]. - Non-interest income is expected to grow by 4%–5% year-over-year from $8.1 billion reported in 2024, with total revenue projected to rise 6% year-over-year from $21.6 billion [19]. Recent Developments - PNC recently completed the acquisition of FirstBank Holding Company, adding approximately $26.8 billion in assets and significantly expanding its branch network in Colorado and Arizona [20][21].

Core Viewpoint - PNC Financial Services Group is expected to report improved revenues and earnings for Q3 2025, driven by higher net interest income and stable loan growth, despite rising expenses and credit loss provisions [2][12]. Financial Performance Expectations - PNC is scheduled to report Q3 2025 earnings on October 15, with a consensus estimate for earnings per share (EPS) at $4.05, reflecting a year-over-year increase of 16.1% [19]. - The consensus estimate for quarterly revenues is $5.83 billion, indicating a 7.3% year-over-year increase [19]. - The company anticipates total revenues to rise by 2-3% from the $5.7 billion reported in Q2 2025 [19]. Net Interest Income (NII) and Loan Growth - NII is projected to increase by 3% sequentially in Q3 2025, with the Zacks Consensus Estimate for NII at $3.66 billion, a sequential rise of 2.9% [4][5]. - Average loans are expected to grow by 1% sequentially, aligning with the company's guidance [6]. Non-Interest Revenues - Mortgage revenues are estimated to rise sequentially, with the consensus for residential and commercial mortgage revenues at $129.6 million, reflecting a 1.6% increase [8]. - Asset management and brokerage income is expected to grow, with a consensus estimate of $397.9 million, indicating a 1.8% sequential rise [9]. - Capital markets and advisory income is projected to reach $357.7 million, reflecting an 11.4% sequential increase [11]. Expense Management - PNC's expenses are anticipated to rise by 2% sequentially, driven by investments in franchise expansion and technology [15]. - Adjusted non-interest expenses are estimated to increase by 2.7% sequentially, reaching $3.47 billion [15]. Asset Quality and Credit Loss Provisions - The company is likely to maintain higher reserves for potential delinquent loans, with net charge-offs expected to be between $275 million and $300 million, up from $198 million in Q2 2025 [16]. - The consensus estimate for non-performing assets (NPAs) is $2.21 billion, indicating a 3.2% increase from the previous quarter [17].

Core Viewpoint - PNC Financial Services Group, Inc. is expected to report improved revenues and earnings for Q2 2025, driven by higher net interest income and fee income, despite rising expenses and provisions for credit losses [1][11][18]. Financial Performance Expectations - The earnings surprise history of PNC is strong, with an average surprise of 8.39% over the last four quarters [2]. - The Zacks Consensus Estimate for Q2 earnings per share is $3.56, reflecting a year-over-year increase of 7.9% [18]. - Total revenues are projected at $5.62 billion, indicating a 3.8% year-over-year increase [18]. Net Interest Income (NII) - NII is expected to rise by 1-2% in Q2 2025, supported by stable funding and deposit costs [3][4][11]. - The Zacks Consensus Estimate for NII is $3.55 billion, representing a sequential increase of 2% [5]. Loan Growth - Average loans are anticipated to increase by 1% sequentially, with projections indicating a 1.4% rise [4][5]. - Demand for commercial, industrial, real estate, and consumer loans has remained solid [4]. Non-Interest Revenues - Mortgage revenues are expected to decline by 2.7% sequentially, with estimates at $130.4 million due to stable mortgage rates [6][7]. - Asset management and brokerage income is projected to see a slight decline, with the consensus estimate at $387.8 million [8][10]. - Card and cash management revenues are expected to rise by 4.9% sequentially, with estimates at $726.4 million [12]. Expenses and Asset Quality - Non-interest expenses are projected to be stable at $3.43 billion, despite ongoing investments in technology and digitalization [13][14]. - Provisions for credit losses are expected to increase to $252.5 million, a sequential rise of 15.3% [15]. - Non-performing assets (NPAs) are estimated at $2.38 billion, indicating a 2.2% increase from the previous quarter [16]. Market Conditions - Global M&A activity has improved, with deal-making resuming towards the end of the quarter despite initial market volatility due to tariff announcements [9].