PNC Financial Services Group, Inc. (The)

Greetings, and welcome to the PNC Financial Services Group Earnings Conference Call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If you'd like to ask a question during this time, please press star, then one on your telephone keypad. If you'd like to withdraw your question, please press star two on your telephone keypad. If anyone should require operator assistance, please press star zero. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Brian Gill. Thank you, Brian. You may begin.

Well, good morning, and welcome to today's conference call for the PNC Financial Services Group. I'm Brian Gill, the Director of Investor Relations for PNC, and participating on this call are PNC Chairman and CEO Bill Demchik and Rob Raleigh, Executive Vice President and CFO. Today's presentation contains forward-looking information, cautionary statements about this information, as well as reconciliations of non-GAAP measures are included in today's earnings release materials, as well as our SEC filings and other investor materials. These are all available on our corporate website, pnc.com, under investor relations. These statements speak only as of October 15th, 2025, and PNC undertakes no obligation to update them. Now I'd like to turn the call over to Bill.

Thank you, Brian, and good morning, everyone. As you've seen, we had an excellent quarter, building on a great year so far. Our results for the third quarter reflect an impressive performance across the entire franchise. We reported net income of $1.8 billion, or $4.35 per share. We grew customers, loans, and deposits and continue to deepen relationships across our businesses and geographic footprint, with positive trends in our legacy and fast-growing expansion markets. Our NII growth trajectory continued as expected, coupled with very strong fee growth and well-controlled expenses. And as a result, we delivered record revenue and PPNR, as well as another quarter of positive operating leverage. Credit quality continues to remain strong with a net charge-off ratio of only 22 basis points. While there are obvious potential downside risks to the US economy, our customers remain on solid footing. From a consumer perspective, spending has been remarkably resilient across all segments, and corporate clients are expressing cautious optimism about their business outlook. Ultimately, this is driving a sound economy. Looking at our business lines, we continue to execute on our strategic priorities. In retail banking, consumer DDAs grew 2% year-over-year, including 6% growth in the Southwest, driven by strength across our branch and digital channels. Customer activity in the quarter remained robust, with record debit card transactions and credit card spend, as well as record levels of investment assets in P&C Wealth Management, our newly rebranded brokerage business. We continue to invest in our future growth by the end of the year, we will have opened more than 25 new branches and, importantly, we remain on track to complete our 200 plus branch builds by the end of 2029. In CNIB we saw record non-interest income driven by broad based performance across fee income categories and pipelines remain strong. Within our asset management business, we continue to see client growth and positive net flows from both legacy and expansion markets, with the expansion markets growing at a faster pace. Before I pass it over to Rob, I wanted to say how excited we are about the recent announcement to acquire First Bank. Kevin Klassen and his team have built a premier bank in the Colorado region with a focus on strong customer service and an enviable branch network. Upon closing, this deal will propel PNC to the number one market share position in retail deposits and branches in Denver. It will also more than triple our branch footprint in Colorado while adding additional presence in Arizona. And finally, as always, I'd like to thank our employees for everything they do for our company. With that, Rob will take you through the quarter.