PNC Q3 2026 Earnings Call: Loan Growth Supports NII Outlook
Source Tradingkey
Key Takeaways
- PNC Financial Services Group reported Q3 2026 net income of $2.1 billion and adjusted diluted EPS of $5.09. Return on tangible common equity exceeded 18%.
- Average loans increased 2% sequentially to $372 billion, led by 4% growth in commercial and industrial loans. Through the first nine months, loans grew $47 billion, or 14%, including more than $30 billion of organic growth.
- Net interest income rose approximately 2% sequentially to $4.2 billion. Net interest margin declined 2 basis points to 2.94%, reflecting lower-spread, high-credit-quality loan growth and higher funding costs.
- Period-end deposits increased $17 billion, or 4%, from June 30. Commercial interest-bearing deposits rose $11 billion, while brokered CDs increased $7 billion.
- Management expects Q4 2026 average loans to grow approximately 2.5% sequentially and net interest income to increase about 4%. Its calculation indicates net interest margin could reach at least 3%.
- Credit quality remained broadly stable, although nonperforming loans increased 8% to $2.2 billion. Net charge-offs were $257 million, including $35 million related to the student loan portfolio transfer.
Core Financial Data
| Metric | Q3 2026 | Change / Commentary |
|---|---|---|
| Net income | $2.1 billion | Adjusted diluted EPS of $5.09 |
| Total revenue | $6.6 billion | Down 5% sequentially; down 1% excluding integration costs and significant items |
| Net interest income | $4.2 billion | Up approximately $100 million, or 2%, sequentially |
| Net interest margin | 2.94% | Down 2 basis points sequentially |
| Fee income | $2.1 billion | Down $137 million, or 6%, sequentially |
| Noninterest expense | $3.8 billion | Down $347 million, or 8%, sequentially |
| Average loans | $372 billion | Up $9 billion, or 2%, sequentially |
| Average deposits | $461 billion | Up $4 billion, or 1%, sequentially |
| Period-end deposit growth | $17 billion | Up 4% from June 30 |
| Provision for credit losses | $189 million | Stable sequentially |
| Net charge-offs | $257 million | 28 basis points of average loans |
| Allowance for credit losses | $5.4 billion | 1.42% of total loans |
| Estimated CET1 ratio | 9.8% | Remained above management’s capital target framework |
| Tangible book value per share | $108 | Down 3% sequentially due entirely to lower AOCI |
| Capital returned | $1.4 billion | Approximately $800 million of dividends and $560 million of share repurchases |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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