The PNC Financial Services Group, Inc.

Strong quarter performance + high profitability - Net income: $2.1B ( $5.09 per diluted share, adjusted ) - ROTC(E) / returns: Return on tangible common equity > 18% - Management emphasized “client momentum” across all businesses continuing into Q3.

Loan growth is strong, led by high-quality Corporate & Institutional + expansion markets - Average loans: $372B, up $9B (+2%) linked-quarter - C&I loans: up $9B (+4%); CRE: up $2B (+4%) - Full year (YTD through 9 months) momentum: +$47B loan growth (+14%), and about $15B attributed to FirstBank; > $30B organic - Credit quality is “strong/low” overall: delinquencies down to 0.34% of loans (from 0.39% prior quarter); provision: $189M (stable QoQ)

Net interest income/margin: surprising weakness in NIM bridge, but confidence in Q4 - Q3 NII: $4.2B, up ~$100M (+2%) QoQ - Net interest margin (NIM): 2.94%, down 2 bps QoQ - Why NIM compressed (key “surprising/bad” element): - ~50% of loan growth occurred in the last 2 weeks, so less time to contribute to NII in Q3 - Higher-quality / lower-spread loans “came hotter than expected,” constraining NIM (despite being good for overall franchise economics/fees) - Some timing gaps (e.g., missed escrow balances) also affected quarterly mix - Management is confident NIM reaches ~3%+ in Q4 based on: loan yield increases, offsetting deposit cost increases, and fixed-rate asset repricing continuing.