PNC Earnings: Broad-based Strong Results and Upgrade in 2026 Revenue and Expense Guidance

PNC’s earnings quarter delivered broad strength, with the bank reporting adjusted EPS growth of 26% year over year excluding non-core items. The company also raised multiple outlook measures, including loan growth, net interest income growth, fee income growth, and 2026 expense guidance. A key supporting factor was an improved deposit mix: non-interest-bearing deposits rose 1.0% sequentially, outperforming peers that ranged from a 1.3% decline to a 0.3% increase. PNC reiterated confidence in achieving a 3% net interest margin in the second half of 2026, implying about 4 basis points of upside from the second quarter, while expecting interest-bearing deposit costs to drift back toward first-quarter levels after a 5-basis-point improvement in the quarter. Morningstar expects its $241 fair value estimate to rise modestly, driven mainly by near-term fee and net interest income.