Key facts
- PNC Financial reported record quarterly revenue of $6.88 billion, a 21% increase year-over-year.
- Capital markets and advisory revenue surged 80% to $577 million, driven by M&A advisory fees.
- Net interest income rose 16% to $4.11 billion, supported by loan growth and the FirstBank acquisition.
- Profit increased 25% to $2.06 billion, or $4.81 per share.
- PNC recognized a one-time gain of $448 million from selling a portion of its Visa stake.
PNC Financial reported record quarterly revenue on Wednesday, driven by strong capital markets activity and its acquisition of FirstBank. The bank's capital markets and advisory revenue surged 80% year-over-year to $577 million, bolstered by robust M&A advisory fees.
The acquisition of FirstBank for $4.1 billion in January expanded PNC's presence in Colorado and Arizona. Net interest income increased by 16% to $4.11 billion, attributed to strong loan growth, the FirstBank deal, and lower deposit costs.
Overall profit rose 25% to $2.06 billion, or $4.81 per share, as revenue climbed 21% to $6.88 billion. Average loans grew 13% and the net interest margin expanded 16 basis points, reflecting the strength of the U.S. economy and consumer spending.
PNC also recognized a one-time gain of $448 million from monetizing a portion of its Visa stake. The bank incurred a $139 million charge after repositioning approximately $4 billion of investment securities into higher-yielding assets, a strategy similar to one employed in 2024.