The bank’s performance was highlighted by record revenue, net interest income, and fee income. Fee income grew 10% to $2.3 billion, driven by strong capital markets activity and advisory services. Average loans increased by $12.3 billion, or 4%, while average deposits remained stable throughout the quarter. Net interest margin saw a slight improvement, rising 1 basis point to 2.96%.

Financial results were impacted by the integration of FirstBank, which included $127 million in related costs. Additionally, PNC realized a $448 million gain from the Visa exchange program, though this was largely offset by a $140 million contribution to the PNC Foundation and a $139 million loss from repositioning its investment securities portfolio. Adjusted earnings per share reached $4.85, excluding these specific items and integration expenses. The bank maintained a solid capital position with a Common Equity Tier 1 capital ratio of 9.9%.