PITTSBURGH, June 28,
2024 /PRNewswire/ -- The PNC Financial Services
Group, Inc. (NYSE: PNC) this week received the results of the
Federal Reserve's 2024 Comprehensive Capital Analysis and Review
(CCAR). The Federal Reserve's CCAR disclosure included its estimate
of PNC's minimum capital ratios for the period from the first
quarter of 2024 through the first quarter of 2026 under the
hypothetical Supervisory Severely Adverse scenario. Based on PNC's
strong results, PNC's calculated Stress Capital Buffer (SCB) for
the four-quarter period beginning Oct. 1,
2024 is 2.2%, which is below the regulatory minimum SCB
amount, resulting in an SCB of 2.5%. This is consistent with PNC's
SCB in effect through Sept. 30, 2024.
PNC's Common Equity Tier 1 (CET1) ratio of 10.1% as reported for
March 31, 2024 significantly exceeds
the regulatory minimum plus our SCB (7.0%), reflecting our strong
capital levels. Furthermore, under the Federal Reserve's
projections in the 2024 Supervisory Severely Adverse scenario,
PNC's post-stress capital ratios are projected to remain well above
regulatory minimums, with our minimum and ending CET1 ratios both
projected to be 8.3%, compared to the regulatory minimum of
4.5%.
PNC plans to recommend to its board of directors an increase in
the quarterly cash dividend on common stock of 5 cents per share, or 3%, to $1.60 per share in the third quarter of 2024,
consistent with the current capital plan approved by its board.
PNC's board of directors is expected to consider this
recommendation at its next scheduled meeting on July 2, 2024.
Consistent with the SCB framework, which allows for capital
returns in amounts in excess of the SCB minimum levels, our board
of directors has authorized a repurchase framework under the
previously approved repurchase program of up to 100 million common
shares, of which approximately 44% were still available for
repurchase at March 31, 2024. Share
repurchase activity in the third quarter 2024 is expected to be
consistent with recent quarterly share repurchase levels. PNC
continues to evaluate and may adjust share repurchase activity, as
actual amounts and timing are dependent on market and economic
conditions as well as other factors. PNC's common share repurchases
may be executed in privately negotiated transactions or through the
open market, including under Rule 10b5-1 plans.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS
MEDIA:
Timothy
Miller
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.