PNC REPORTS SECOND QUARTER 2022 NET INCOME OF $1.5 BILLION, $3.39 DILUTED EPS OR $3.42 AS ADJUSTED

For the quarter

In millions, except per share data and as noted

2Q22

1Q22

2Q21

Second Quarter Highlights

Financial Results

Revenue

$    5,116

$    4,692

$    4,667

  Operating leverage of 7%, reflecting revenue growth of 9% and expense growth of 2%

  Net interest and noninterest income each grew 9%

  NIM increased 22 basis points

  PPNR increased 23%

  Average loans grew 5%, driven by commercial loan growth

  Average deposits decreased 2%

  Provision for credit losses of $36 million

  Net loan charge-offs were $83 million or 0.11% of annualized average loans

  Tangible book value decreased 7%, due to the change in AOCI

– Held to maturity securities were 60% of investment securities at June 30

  PNC returned $1.4 billion of capital to shareholders

Noninterest expense

3,244

3,172

3,050

Pretax, pre-provision earnings (PPNR) (non-GAAP)

1,872

1,520

1,617

Integration costs

14

31

111

PPNR excluding integration costs (non-GAAP)

1,886

1,551

1,728

Provision for (recapture of) credit losses

36

(208)

302

Net income

1,496

1,429

1,103

Per Common Share

Diluted earnings – as reported