PNC: CFO Takeaways From DB FIG Conference

Research evidence excerpt

PNC: CFO Takeaways From DB FIG Conference

Deutsche Bank

Research

Rating Company Date

Buy PNC 28 May 2026

Company Update

North America

United States

Reuters Bloomberg Exchange Ticker Price at 27 May 2026 (USD) 220.80

PNC.N PNC US NYS PNC

Price Target (USD) 265.00

Financial

242.48 -

Banks 52-week range (USD) 173.20

CFO Takeaways From DB FIG

Valuation & Risks Conference

Matt O-Connor, CFA

On Wednesday May 27th , we hosted several meetings with PNC's CFO (Rob Reilly)

Research Analyst

as part of our 16th Annual DB Global Financial Services Conference. Mgmt was +1-212-250-8489

upbeat both near and longer term noting consumer spending remains strong (with

no signs of slowing) and corporate/institutional activity remains active with a risk Nathan Stein

on appetite broadly speaking. There were no updates to guidance, but we sense an

+1-212-250-3462

upward bias to both loans and potentially capital market fees consistent with

industry trends and peer comments. We summarize below.

No updates to guidance, but we see upside to loans and

capital markets

The 2Q average loan guide (to grow 2-3% q/q) implies flattish balances on a spot

basis vs. 3/31 and similarly the FY guide implies very modest growth vs 3/31. Both

seem conservative to us given loans have continued to grow industry wide so far in

2Q and activity levels (broadly speaking) remain high. Overall H8 data show total

loans are up 0.7% from 3/31 with C&I up 1.1% and CRE up 1.7%. PNC's 2Q is

negatively impacted by weaker seasonality in its mortgage warehouse lending

business, but we sense solid other underlying trends.

We see potential upside to fees from capital markets in our view given generally

strong industry wide trends and good performance at Harris Williams. Costs seem