8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

July 17, 2019

Date of Report (Date of earliest event reported)

THE PNC FINANCIAL SERVICES GROUP, INC.

(Exact name of registrant as specified in its charter)

Commission File Number 001-09718

Pennsylvania	25-1435979
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification No.)

The Tower at PNC Plaza

300 Fifth Avenue

Pittsburgh, Pennsylvania 15222-2401

(Address of principal executive offices, including zip code)

(888) 762-2265

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On July 17, 2019, The PNC Financial Services Group, Inc. (“the Corporation”) issued a press release regarding the Corporation's earnings and business results for the second quarter of 2019. In connection therewith, the Corporation provided supplementary financial information on its web site. A copy of the Corporation's supplementary financial information is included in this Report as Exhibit 99.1 and is furnished herewith.

Item 8.01 Other Events

On July 17, 2019, the Corporation held a conference call for investors regarding the Corporation’s earnings and business results for the second quarter of 2019. The Corporation provided electronic presentation slides on its web site used in connection with the related investor conference call. Copies of the electronic presentation slides are included in this Report as Exhibit 99.2 and are furnished herewith.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Number	Description	Method of Filing
99.1	Financial Supplement (unaudited) for the Second Quarter 2019	Furnished herewith
99.2	Electronic presentation slides for earnings release conference call	Furnished herewith

- 2 -

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		THE PNC FINANCIAL SERVICES GROUP, INC.
		(Registrant)
Date:	July 17, 2019	By:	/s/ Gregory H. Kozich
			Gregory H. Kozich
			Senior Vice President and Controller

- 3 -

EX-99.1

Exhibit 99.1

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

SECOND QUARTER 2019

(Unaudited)

THE PNC FINANCIAL SERVICES GROUP, INC.

FINANCIAL SUPPLEMENT

SECOND QUARTER 2019

(UNAUDITED)

Consolidated Results:	Page
Income Statement	1
Balance Sheet	2
Average Balance Sheet	3
Details of Net Interest Margin	4
Per Share Related Information	5
Loans	5
Allowance for Loan and Lease Losses	6
Nonperforming Assets	7-8
Accruing Loans Past Due	9
Business Segment Results:
Descriptions	10
Period End Employees	10
Income and Revenue	11
Retail Banking	12-13
Corporate & Institutional Banking	14
Asset Management Group	15
Glossary of Terms	16-18

The information contained in this Financial Supplement is preliminary, unaudited and based on data available on July 17, 2019. We have reclassified certain prior period amounts to be consistent with the current period presentation, which we believe is more meaningful to readers of our consolidated financial statements. This information speaks only as of the particular date or dates included in the schedules. We do not undertake any obligation to, and disclaim any duty to, correct or update any of the information provided in this Financial Supplement. Our future financial performance is subject to risks and uncertainties as described in our United States Securities and Exchange Commission (SEC) filings.

BUSINESS

PNC is one of the largest diversified financial services companies in the United States and is headquartered in Pittsburgh, Pennsylvania. PNC has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management, providing many of its products and services nationally. PNC's retail branch network is located in markets across the Mid-Atlantic, Midwest and Southeast. PNC also has strategic international offices in four countries outside the U.S.

THE PNC FINANCIAL SERVICES GROUP, INC.
Cross Reference Index to Second Quarter 2019 Financial Supplement (Unaudited)
Financial Supplement Table Reference
Table	Description	Page
1	Consolidated Income Statement	1
2	Consolidated Balance Sheet	2
3	Average Consolidated Balance Sheet	3
4	Details of Net Interest Margin	4
5	Per Share Related Information	5
6	Details of Loans	5
7	Change in Allowance for Loan and Lease Losses	6
8	Nonperforming Assets by Type	7
9	Change in Nonperforming Assets	8
10	Largest Individual Nonperforming Assets	8
11	Accruing Loans Past Due 30 to 59 Days	9
12	Accruing Loans Past Due 60 to 89 Days	9
13	Accruing Loans Past Due 90 Days or More	9
14	Period End Employees	10
15	Summary of Business Segment Income and Revenue	11
16	Retail Banking	12-13
17	Corporate & Institutional Banking	14
18	Asset Management Group	15

THE PNC FINANCIAL SERVICES GROUP, INC. Page 1

Table 1: Consolidated Income Statement (Unaudited)

	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
In millions, except per share data	2019			2019			2018			2018			2018			2019			2018
Interest Income
Loans	$	2,672		$	2,602		$	2,555		$	2,452		$	2,345		$	5,274		$	4,573
Investment securities	629			620			608			584			557			1,249			1,069
Other	196			206			196			187			180			402			358
Total interest income	3,497			3,428			3,359			3,223			3,082			6,925			6,000
Interest Expense
Deposits	515			472			419			336			261			987			474
Borrowed funds	484			481			459			421			408			965			752
Total interest expense	999			953			878			757			669			1,952			1,226
Net interest income	2,498			2,475			2,481			2,466			2,413			4,973			4,774
Noninterest Income
Asset management	445			437			428			486			456			882			911
Consumer services	392			371			387			377			381			763			738
Corporate services	484			462			468			465			487			946			916
Residential mortgage	82			65			59			76			84			147			181
Service charges on deposits	171			168			192			186			169			339			336
Other (a)	367			308			325			301			334			675			579
Total noninterest income	1,941			1,811			1,859			1,891			1,911			3,752			3,661
Total revenue	4,439			4,286			4,340			4,357			4,324			8,725			8,435
Provision For Credit Losses	180			189			148			88			80			369			172
Noninterest Expense
Personnel	1,365			1,414			1,348			1,413			1,356			2,779			2,710
Occupancy	212			215			202			195			203			427			421
Equipment	298			273			285			264			281			571			554
Marketing	83			65			84			71			75			148			130
Other	653			611			658			665			669			1,264			1,296
Total noninterest expense	2,611			2,578			2,577			2,608			2,584			5,189			5,111
Income before income taxes and noncontrolling interests	1,648			1,519			1,615			1,661			1,660			3,167			3,152
Income taxes	274			248			264			261			304			522			557
Net income	1,374			1,271			1,351			1,400			1,356			2,645			2,595
Less: Net income attributable to noncontrolling interests	12			10			14			11			10			22			20
Preferred stock dividends (b)	55			63			55			63			55			118			118
Preferred stock discount accretion and redemptions	1			1			1			1			1			2			2
Net income attributable to common shareholders	$	1,306		$	1,197		$	1,281		$	1,325		$	1,290		$	2,503		$	2,455
Earnings Per Common Share
Basic	$	2.89		$	2.62		$	2.77		$	2.84		$	2.74		$	5.51		$	5.19
Diluted	$	2.88		$	2.61		$	2.75		$	2.82		$	2.72		$	5.49		$	5.15
Average Common Shares Outstanding
Basic	451			455			461			465			469			453			471
Diluted	452			456			463			467			472			454			474
Efficiency	59		%	60		%	59		%	60		%	60		%	59		%	61		%
Noninterest income to total revenue	44		%	42		%	43		%	43		%	44		%	43		%	43		%
Effective tax rate (c)	16.6		%	16.3		%	16.3		%	15.7		%	18.3		%	16.5		%	17.7		%

(a) Includes net gains (losses) on sales of securities of $20 million, $13 million, $5 million, $(1) million, and $(3) million for the quarters ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively, and $32 million and $(4) million for the six months ended June 30, 2019 and June 30, 2018, respectively.

(b) Dividends are payable quarterly other than Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock.

(c) The effective income tax rates are generally lower than the statutory rate due to the relationship of pretax income to tax credits and earnings that are not subject to tax.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 2

Table 2: Consolidated Balance Sheet (Unaudited)

	June 30			March 31			December 31			September 30			June 30
In millions, except par value	2019			2019			2018			2018			2018
Assets
Cash and due from banks	$	5,416		$	5,062		$	5,608		$	5,248		$	5,425
Interest-earning deposits with banks (a)	18,362			15,261			10,893			19,800			21,972
Loans held for sale (b)	1,144			686			994			1,108			1,325
Investment securities – available for sale	69,355			65,051			63,389			61,211			60,275
Investment securities – held to maturity	18,948			18,818			19,312			19,593			19,850
Loans (b)	237,215			232,293			226,245			223,053			222,855
Allowance for loan and lease losses	(2,721		)	(2,692		)	(2,629		)	(2,584		)	(2,581		)
Net loans	234,494			229,601			223,616			220,469			220,274
Equity investments (c)	13,001			12,567			12,894			12,446			12,430
Mortgage servicing rights	1,627			1,812			1,983			2,136			2,045
Goodwill	9,221			9,218			9,218			9,218			9,218
Other (b)	34,193			34,761			34,408			28,851			27,897
Total assets	$	405,761		$	392,837		$	382,315		$	380,080		$	380,711
Liabilities
Deposits
Noninterest-bearing	$	69,867		$	71,606		$	73,960		$	74,736		$	79,047
Interest-bearing	203,393			199,615			193,879			190,148			185,838
Total deposits	273,260			271,221			267,839			264,884			264,885
Borrowed funds
Federal Home Loan Bank borrowings	29,376			20,501			21,501			20,036			22,036
Bank notes and senior debt	27,694			25,598			25,018			26,676			27,596
Subordinated debt	5,406			5,977			5,895			5,764			4,781
Other (b)	6,549			7,784			5,005			5,479			4,809
Total borrowed funds	69,025			59,860			57,419			57,955			59,222
Allowance for unfunded loan commitments and letters of credit	291			279			285			288			289
Accrued expenses and other liabilities	13,804			12,902			9,002			9,851			9,340
Total liabilities	356,380			344,262			334,545			332,978			333,736
Equity
Preferred stock (d)
Common stock - $5 par value
Authorized 800 shares, issued 542 shares	2,711			2,711			2,711			2,710			2,710
Capital surplus	16,248			16,173			16,277			16,299			16,250
Retained earnings	40,616			39,742			38,919			38,080			37,201
Accumulated other comprehensive income (loss)	631			(5		)	(725		)	(1,260		)	(940		)
Common stock held in treasury at cost: 95, 90, 85, 80 and 77 shares	(10,866		)	(10,085		)	(9,454		)	(8,771		)	(8,317		)
Total shareholders’ equity	49,340			48,536			47,728			47,058			46,904
Noncontrolling interests	41			39			42			44			71
Total equity	49,381			48,575			47,770			47,102			46,975
Total liabilities and equity	$	405,761		$	392,837		$	382,315		$	380,080		$	380,711

(a) Amounts include balances held with the Federal Reserve Bank of Cleveland of $18.1 billion, $15.0 billion, $10.5 billion, $19.6 billion and $21.6 billion as of June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively.

(b) Amounts include assets and liabilities for which PNC has elected the fair value option. Our first quarter 2019 Form 10-Q included, and our second quarter 2019 Form 10-Q will include, additional information regarding these items.

(c) Amounts include our equity interest in BlackRock.

(d) Par value less than $.5 million at each date.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 3

Table 3: Average Consolidated Balance Sheet (Unaudited) (a)
	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
In millions	2019		2019		2018		2018		2018		2019		2018
Assets
Interest-earning assets:
Investment securities
Securities available for sale
Residential mortgage-backed
Agency	$	30,169	$	29,002	$	28,375	$	28,241	$	26,527	$	29,589	$	25,986
Non-agency	1,801		1,890		1,993		2,128		2,271		1,845		2,334
Commercial mortgage-backed	5,545		5,368		4,830		4,366		4,449		5,457		4,491
Asset-backed	5,395		5,136		5,186		5,459		5,161		5,266		5,160
U.S. Treasury and government agencies	18,815		18,240		18,443		16,757		15,719		18,529		15,017
Other	3,237		3,671		3,920		3,996		4,112		3,453		4,172
Total securities available for sale	64,962		63,307		62,747		60,947		58,239		64,139		57,160
Securities held to maturity
Residential mortgage-backed	15,350		15,627		15,941		16,292		15,608		15,487		15,216
Commercial mortgage-backed	570		600		648		715		807		585		854
Asset-backed	172		177		185		189		194		175		196
U.S. Treasury and government agencies	765		760		756		752		747		763		745
Other	1,822		1,847		1,856		1,871		1,884		1,834		1,904
Total securities held to maturity	18,679		19,011		19,386		19,819		19,240		18,844		18,915
Total investment securities	83,641		82,318		82,133		80,766		77,479		82,983		76,075
Loans
Commercial	124,441		119,345		116,596		113,883		113,349		121,907		112,411
Commercial real estate	28,423		28,147		28,382		28,860		28,888		28,285		28,894
Equipment lease financing	7,283		7,263		7,216		7,202		7,494		7,274		7,670
Consumer	55,202		54,996		55,331		55,449		55,387		55,099		55,487
Residential real estate	19,496		18,794		18,405		17,948		17,566		19,147		17,437
Total loans	234,845		228,545		225,930		223,342		222,684		231,712		221,899
Interest-earning deposits with banks (b)	13,469		15,017		16,691		19,151		21,017		14,238		23,329
Other interest-earning assets	13,145		11,068		10,431		7,114		6,905		12,113		7,402
Total interest-earning assets	345,100		336,948		335,185		330,373		328,085		341,046		328,705
Noninterest-earning assets	51,862		48,950		47,906		47,504		47,542		50,415		47,244
Total assets	$	396,962	$	385,898	$	383,091	$	377,877	$	375,627	$	391,461	$	375,949
Liabilities and Equity
Interest-bearing liabilities:
Interest-bearing deposits
Money market	$	54,814	$	54,702	$	55,228	$	55,507	$	56,199	$	54,758	$	57,355
Demand	64,431		63,480		62,207		60,138		60,409		63,958		60,017
Savings	61,949		58,821		55,065		52,919		51,115		60,394		49,791
Time deposits	20,040		18,813		18,743		17,756		16,634		19,430		16,737
Total interest-bearing deposits	201,234		195,816		191,243		186,320		184,357		198,540		183,900
Borrowed funds
Federal Home Loan Bank borrowings	22,681		21,491		20,683		21,516		20,956		22,089		20,839
Bank notes and senior debt	26,865		25,418		26,380		27,301		28,787		26,145		28,887
Subordinated debt	5,526		5,883		5,874		5,253		4,855		5,704		5,016
Other	7,263		6,991		5,847		5,768		4,368		7,128		4,558
Total borrowed funds	62,335		59,783		58,784		59,838		58,966		61,066		59,300
Total interest-bearing liabilities	263,569		255,599		250,027		246,158		243,323		259,606		243,200
Noninterest-bearing liabilities and equity:
Noninterest-bearing deposits	71,648		71,402		75,228		76,155		76,632		71,526		76,925
Accrued expenses and other liabilities	13,122		11,242		10,833		8,853		8,944		12,187		9,031
Equity	48,623		47,655		47,003		46,711		46,728		48,142		46,793
Total liabilities and equity	$	396,962	$	385,898	$	383,091	$	377,877	$	375,627	$	391,461	$	375,949

(a) Calculated using average daily balances.

(b) Amounts include average balances held with the Federal Reserve Bank of Cleveland of $13.2 billion, $14.7 billion, $16.4 billion, $18.8 billion and $20.7 billion for the three months ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018, respectively, and $14.0 billion and $23.1 billion for the six months ended June 30, 2019 and June 30 2018, respectfully.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 4

Table 4: Details of Net Interest Margin (Unaudited)
	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
	2019		2019		2018		2018		2018		2019		2018
Average yields/rates (a)
Yield on interest-earning assets
Investment securities
Securities available for sale
Residential mortgage-backed
Agency	2.93	%	2.94	%	2.86	%	2.76	%	2.68	%	2.93	%	2.64	%
Non-agency	7.99	%	7.31	%	7.08	%	7.18	%	6.52	%	7.64	%	6.25	%
Commercial mortgage-backed	3.06	%	3.13	%	2.99	%	2.72	%	2.76	%	3.09	%	2.76	%
Asset-backed	3.34	%	3.35	%	3.24	%	3.37	%	3.11	%	3.35	%	2.99	%
U.S. Treasury and government agencies	2.48	%	2.49	%	2.41	%	2.25	%	2.25	%	2.49	%	2.17	%
Other	3.33	%	3.34	%	3.37	%	3.28	%	4.06	%	3.34	%	3.61	%
Total securities available for sale	3.01	%	3.01	%	2.93	%	2.86	%	2.85	%	3.01	%	2.77	%
Securities held to maturity
Residential mortgage-backed	2.93	%	3.01	%	2.98	%	2.92	%	2.89	%	2.97	%	2.86	%
Commercial mortgage-backed	3.57	%	3.53	%	3.68	%	3.71	%	3.71	%	3.55	%	3.74	%
Asset-backed	3.92	%	3.83	%	3.76	%	3.65	%	3.48	%	3.88	%	3.19	%
U.S. Treasury and government agencies	2.84	%	2.81	%	2.86	%	2.85	%	2.83	%	2.83	%	2.82	%
Other	4.44	%	4.40	%	4.41	%	4.42	%	4.39	%	4.42	%	4.42	%
Total securities held to maturity	3.10	%	3.16	%	3.14	%	3.10	%	3.07	%	3.13	%	3.06	%
Total investment securities	3.03	%	3.05	%	2.98	%	2.92	%	2.91	%	3.04	%	2.85	%
Loans
Commercial	4.22	%	4.33	%	4.17	%	4.06	%	3.97	%	4.27	%	3.86	%
Commercial real estate	4.43	%	4.37	%	4.42	%	4.10	%	4.04	%	4.40	%	3.93	%
Equipment lease financing	4.06	%	3.93	%	3.77	%	3.78	%	3.16	%	4.00	%	3.43	%
Consumer	5.56	%	5.54	%	5.32	%	5.17	%	4.96	%	5.55	%	4.92	%
Residential real estate	4.27	%	4.29	%	4.41	%	4.45	%	4.36	%	4.28	%	4.38	%
Total loans	4.56	%	4.61	%	4.49	%	4.36	%	4.23	%	4.58	%	4.16	%
Interest-earning deposits with banks	2.38	%	2.43	%	2.25	%	1.97	%	1.78	%	2.41	%	1.64	%
Other interest-earning assets	3.55	%	4.14	%	3.93	%	5.19	%	4.98	%	3.82	%	4.52	%
Total yield on interest-earning assets	4.06	%	4.11	%	3.99	%	3.89	%	3.78	%	4.09	%	3.68	%
Rate on interest-bearing liabilities
Interest-bearing deposits
Money market	1.17	%	1.15	%	.99	%	.80	%	.64	%	1.16	%	.59	%
Demand	.55	%	.52	%	.46	%	.32	%	.25	%	.53	%	.23	%
Savings	1.19	%	1.13	%	1.04	%	.92	%	.74	%	1.16	%	.65	%
Time deposits	1.67	%	1.55	%	1.38	%	1.18	%	.98	%	1.61	%	.93	%
Total interest-bearing deposits	1.03	%	.98	%	.87	%	.71	%	.57	%	1.00	%	.52	%
Borrowed funds
Federal Home Loan Bank borrowings	2.69	%	2.77	%	2.57	%	2.42	%	2.23	%	2.73	%	2.00	%
Bank notes and senior debt	3.36	%	3.50	%	3.31	%	2.92	%	2.95	%	3.43	%	2.69	%
Subordinated debt	4.17	%	4.50	%	4.44	%	4.10	%	4.50	%	4.34	%	4.20	%
Other	2.44	%	2.44	%	2.36	%	2.11	%	1.82	%	2.44	%	2.01	%
Total borrowed funds	3.08	%	3.21	%	3.07	%	2.76	%	2.74	%	3.14	%	2.52	%
Total rate on interest-bearing liabilities	1.51	%	1.50	%	1.38	%	1.21	%	1.10	%	1.50	%	1.01	%
Interest rate spread	2.55	%	2.61	%	2.61	%	2.68	%	2.68	%	2.59	%	2.67	%
Benefit from use of noninterest bearing sources (b)	.36		.37		.35		.31		.28		.35		.27
Net interest margin	2.91	%	2.98	%	2.96	%	2.99	%	2.96	%	2.94	%	2.94	%

(a) Yields and rates are calculated using the applicable annualized interest income or interest expense divided by the applicable average earning assets or interest-bearing liabilities. Net interest margin is the total yield on interest-earning assets minus the total rate on interest-bearing liabilities and includes the benefit from use of noninterest-bearing sources. To provide more meaningful comparisons of net interest yields for all earning assets, as well as net interest margins, we use interest income on a taxable-equivalent basis in calculating net interest yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments. This adjustment is not permitted under generally accepted accounting principles (GAAP) in the Consolidated Income Statement. The taxable-equivalent adjustments to net interest income for the three months ended June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018 were $27 million, $27 million, $28 million, $29 million and $29 million, respectively. The taxable-equivalent adjustments to net interest income for the six months ended June 30, 2019 and June 30, 2018 were $54 million and $58 million, respectively.

(b) Represents the positive effects of investing noninterest-bearing sources in interest-earning assets.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 5

Table 5: Per Share Related Information (Unaudited)
	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
In millions, except per share data	2019		2019		2018		2018		2018		2019		2018
Basic
Net income	$	1,374	$	1,271	$	1,351	$	1,400	$	1,356	$	2,645	$	2,595
Less:
Net income attributable to noncontrolling interests	12		10		14		11		10		22		20
Preferred stock dividends (a)	55		63		55		63		55		118		118
Preferred stock discount accretion and redemptions	1		1		1		1		1		2		2
Net income attributable to common shareholders	1,306		1,197		1,281		1,325		1,290		2,503		2,455
Less: Dividends and undistributed earnings allocated   to nonvested restricted shares	4		5		5		6		5		9		10
Net income attributable to basic common shares	$	1,302	$	1,192	$	1,276	$	1,319	$	1,285	$	2,494	$	2,445
Basic weighted-average common shares outstanding	451		455		461		465		469		453		471
Basic earnings per common share	$	2.89	$	2.62	$	2.77	$	2.84	$	2.74	$	5.51	$	5.19
Diluted
Net income attributable to basic common shares	$	1,302	$	1,192	$	1,276	$	1,319	$	1,285	$	2,494	$	2,445
Less: Impact of BlackRock earnings per share dilution	2		3		2		2		3		5		5
Net income attributable to diluted common shares	$	1,300	$	1,189	$	1,274	$	1,317	$	1,282	$	2,489	$	2,440
Basic weighted-average common shares outstanding	451		455		461		465		469		453		471
Dilutive potential common shares	1		1		2		2		3		1		3
Diluted weighted-average common shares outstanding	452		456		463		467		472		454		474
Diluted earnings per common share	$	2.88	$	2.61	$	2.75	$	2.82	$	2.72	$	5.49	$	5.15

(a) Dividends are payable quarterly other than the Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters than the Series R and Series S preferred stock.

Table 6: Details of Loans (Unaudited)

	June 30		March 31		December 31		September 30		June 30
In millions	2019		2019		2018		2018		2018
Commercial lending
Commercial
Manufacturing	$	22,191	$	22,575	$	21,207	$	21,272	$	21,667
Retail/wholesale trade	22,280		21,655		20,850		19,689		19,299
Service providers	15,387		15,266		14,869		14,386		14,343
Real estate related (a)	12,264		12,287		12,312		12,539		12,688
Financial services	11,916		10,475		9,500		9,441		9,241
Health care	8,594		8,731		8,886		9,217		9,564
Transportation and warehousing	6,588		6,744		5,781		5,715		5,531
Other industries	26,404		25,260		23,429		21,412		21,034
Total commercial	125,624		122,993		116,834		113,671		113,367
Commercial real estate	28,570		28,101		28,140		28,563		28,946
Equipment lease financing	7,409		7,348		7,308		7,214		7,323
Total commercial lending	161,603		158,442		152,282		149,448		149,636
Consumer lending
Home equity	25,132		25,500		26,123		26,628		27,219
Residential real estate	20,092		19,107		18,657		18,203		17,805
Automobile	15,612		14,707		14,419		14,309		13,892
Credit card	6,511		6,267		6,357		5,979		5,830
Education	3,555		3,707		3,822		3,954		4,057
Other consumer	4,710		4,563		4,585		4,532		4,416
Total consumer lending	75,612		73,851		73,963		73,605		73,219
Total loans	$	237,215	$	232,293	$	226,245	$	223,053	$	222,855

(a) Includes loans to customers in the real estate and construction industries.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 6

Allowance for Loan and Lease Losses (Unaudited)

Table 7: Change in Allowance for Loan and Lease Losses

	June 30			March 31			December 31			September 30			June 30
Three months ended - dollars in millions	2019			2019			2018			2018			2018
Beginning balance	$	2,692		$	2,629		$	2,584		$	2,581		$	2,604
Gross charge-offs:
Commercial	(50		)	(25		)	(30		)	(26		)	(24		)
Commercial real estate	(2		)	(3		)							(2		)
Equipment lease financing	(1		)	(3		)	(2		)	(2		)	(2		)
Home equity	(18		)	(23		)	(25		)	(24		)	(33		)
Residential real estate	(2		)	(2		)	3			(3		)	(4		)
Automobile	(54		)	(58		)	(54		)	(40		)	(39		)
Credit card	(65		)	(67		)	(56		)	(52		)	(53		)
Education	(7		)	(6		)	(7		)	(7		)	(8		)
Other consumer	(28		)	(28		)	(29		)	(24		)	(28		)
Total gross charge-offs	(227		)	(215		)	(200		)	(178		)	(193		)
Recoveries:
Commercial	17			14			17			18			16
Commercial real estate	2			3			6			4			8
Equipment lease financing	2			2			2			1			1
Home equity	18			18			31			23			23
Residential real estate	4			3			3			8			6
Automobile	29			26			21			21			18
Credit card	7			7			6			6			6
Education	2			2			2			2			2
Other consumer	4			4			5			4			4
Total recoveries	85			79			93			87			84
Net (charge-offs) / recoveries:
Commercial	(33		)	(11		)	(13		)	(8		)	(8		)
Commercial real estate							6			4			6
Equipment lease financing	1			(1		)				(1		)	(1		)
Home equity				(5		)	6			(1		)	(10		)
Residential real estate	2			1			6			5			2
Automobile	(25		)	(32		)	(33		)	(19		)	(21		)
Credit card	(58		)	(60		)	(50		)	(46		)	(47		)
Education	(5		)	(4		)	(5		)	(5		)	(6		)
Other consumer	(24		)	(24		)	(24		)	(20		)	(24		)
Total net (charge-offs)	(142		)	(136		)	(107		)	(91		)	(109		)
Provision for credit losses	180			189			148			88			80
Net (increase) / decrease in allowance for unfunded loan commitments and letters of credit	(12		)	6			3			1			1
Other	3			4			1			5			5
Ending balance	$	2,721		$	2,692		$	2,629		$	2,584		$	2,581
Supplemental Information
Net charge-offs to average loans (annualized)	.24		%	.24		%	.19		%	.16		%	.20		%
Allowance for loan and lease losses to total loans	1.15		%	1.16		%	1.16		%	1.16		%	1.16		%
Commercial lending net charge-offs	$	(32	)	$	(12	)	$	(7	)	$	(5	)	$	(3	)
Consumer lending net charge-offs	(110		)	(124		)	(100		)	(86		)	(106		)
Total net charge-offs	$	(142	)	$	(136	)	$	(107	)	$	(91	)	$	(109	)
Net charge-offs to average loans (annualized)
Commercial lending	.08		%	.03		%	.02		%	.01		%	.01		%
Consumer lending	.59		%	.68		%	.54		%	.46		%	.58		%

THE PNC FINANCIAL SERVICES GROUP, INC. Page 7

Details of Nonperforming Assets (Unaudited)

Table 8: Nonperforming Assets by Type

	June 30			March 31			December 31			September 30			June 30
Dollars in millions	2019			2019			2018			2018			2018
Nonperforming loans, including TDRs
Commercial lending
Commercial
Retail/wholesale trade	$	42		$	35		$	38		$	47		$	65
Manufacturing	88			88			54			43			49
Service providers	53			52			50			53			48
Real estate related (a)	19			16			17			18			22
Health care	15			19			20			14			15
Transportation and warehousing	21			8			8			7			3
Other industries	203			151			159			138			136
Total commercial	441			369			346			320			338
Commercial real estate	93			54			75			68			71
Equipment lease financing	6			7			11			5			5
Total commercial lending	540			430			432			393			414
Consumer lending (b)
Home equity	712			763			797			828			821
Residential real estate	339			339			350			363			381
Automobile	118			107			100			95			87
Credit card	8			7			7			6			7
Other consumer	7			7			8			9			9
Total consumer lending	1,184			1,223			1,262			1,301			1,305
Total nonperforming loans (c)	1,724			1,653			1,694			1,694			1,719
OREO and foreclosed assets	126			132			114			131			135
Total nonperforming assets	$	1,850		$	1,785		$	1,808		$	1,825		$	1,854
Nonperforming loans to total loans	.73		%	.71		%	.75		%	.76		%	.77		%
Nonperforming assets to total loans, OREO and foreclosed assets	.78		%	.77		%	.80		%	.82		%	.83		%
Nonperforming assets to total assets	.46		%	.45		%	.47		%	.48		%	.49		%
Allowance for loan and lease losses to nonperforming loans	158		%	163		%	155		%	153		%	150		%

(a) Includes loans related to customers in the real estate and construction industries.

(b) Excludes most consumer loans and lines of credit, not secured by residential real estate, which are charged off after 120 to 180 days past due and are not placed on nonperforming status.

(c) Nonperforming loans exclude certain government insured or guaranteed loans, loans held for sale, loans accounted for under the fair value option and purchased impaired loans.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 8

Details of Nonperforming Assets (Unaudited) (Continued)

Table 9: Change in Nonperforming Assets

	April 1, 2019 -			January 1, 2019 -			October 1, 2018 -			July 1, 2018 -			April 1, 2018 -
In millions	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Beginning balance	$	1,785		$	1,808		$	1,825		$	1,854		$	2,004
New nonperforming assets	408			287			325			260			276
Charge-offs and valuation adjustments	(170		)	(164		)	(148		)	(126		)	(145		)
Principal activity, including paydowns and payoffs	(101		)	(92		)	(97		)	(99		)	(199		)
Asset sales and transfers to loans held for sale	(27		)	(13		)	(38		)	(38		)	(34		)
Returned to performing status	(45		)	(41		)	(59		)	(26		)	(48		)
Ending balance	$	1,850		$	1,785		$	1,808		$	1,825		$	1,854

Table 10: Largest Individual Nonperforming Assets (a)

June 30, 2019 - Dollars in millions
Ranking	Outstandings		Industry
1	$	43	Real Estate and Rental and Leasing
2	34		Information
3	30		Real Estate and Rental and Leasing
4	29		Mining, Quarrying, and Oil and Gas Extraction
5	17		Wholesale Trade
6	16		Accommodation and Food Services
7	16		Manufacturing
8	16		Service Providers
9	15		Manufacturing
10	13		Manufacturing
Total	$	229
As a percent of total nonperforming assets			12%

(a) Amounts shown are not net of related allowance for loan and lease losses, if applicable.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 9

Accruing Loans Past Due (Unaudited)

Table 11: Accruing Loans Past Due 30 to 59 Days (a)

	Amount										Percent of Total Outstandings
	Jun. 30		Mar. 31		Dec. 31		Sept. 30		Jun. 30		Jun. 30		Mar. 31		Dec. 31		Sept. 30		Jun. 30
Dollars in millions	2019		2019		2018		2018		2018		2019		2019		2018		2018		2018
Commercial	$	105	$	80	$	82	$	60	$	57	.08	%	.07	%	.07	%	.05	%	.05	%
Commercial real estate	9		43		6		8		18		.03	%	.15	%	.02	%	.03	%	.06	%
Equipment lease financing	7		84		56		29		12		.09	%	1.14	%	.77	%	.40	%	.16	%
Home equity	56		59		66		77		97		.22	%	.23	%	.25	%	.29	%	.36	%
Residential real estate
Non government insured	80		91		75		70		66		.40	%	.48	%	.40	%	.38	%	.37	%
Government insured	54		62		60		60		63		.27	%	.32	%	.32	%	.33	%	.35	%
Automobile	119		97		113		104		82		.76	%	.66	%	.78	%	.73	%	.59	%
Credit card	47		45		46		45		40		.72	%	.72	%	.72	%	.75	%	.69	%
Education
Non government insured	7		9		10		10		8		.20	%	.24	%	.26	%	.25	%	.20	%
Government insured	53		54		59		71		66		1.49	%	1.46	%	1.54	%	1.80	%	1.63	%
Other consumer	13		10		12		17		10		.28	%	.22	%	.26	%	.38	%	.23	%
Total	$	550	$	634	$	585	$	551	$	519	.23	%	.27	%	.26	%	.25	%	.23	%

Table 12: Accruing Loans Past Due 60 to 89 Days (a)

	Amount										Percent of Total Outstandings
	Jun. 30		Mar. 31		Dec. 31		Sept. 30		Jun. 30		Jun. 30		Mar. 31		Dec. 31		Sept. 30		Jun. 30
Dollars in millions	2019		2019		2018		2018		2018		2019		2019		2018		2018		2018
Commercial	$	33	$	25	$	54	$	35	$	41	.03	%	.02	%	.05	%	.03	%	.04	%
Commercial real estate	1		1		3		3		2		.00	%	.00	%	.01	%	.01	%	.01	%
Equipment lease financing	3		5		12		16		7		.04	%	.07	%	.16	%	.22	%	.10	%
Home equity	20		21		25		30		40		.08	%	.08	%	.10	%	.11	%	.15	%
Residential real estate
Non government insured	20		13		17		16		18		.10	%	.07	%	.09	%	.09	%	.10	%
Government insured	55		49		56		51		48		.27	%	.26	%	.30	%	.28	%	.27	%
Automobile	29		26		29		25		20		.19	%	.18	%	.20	%	.17	%	.14	%
Credit card	29		28		29		28		24		.45	%	.45	%	.46	%	.47	%	.41	%
Education
Non government insured	4		5		4		6		5		.11	%	.13	%	.10	%	.15	%	.12	%
Government insured	32		33		37		42		45		.90	%	.89	%	.97	%	1.06	%	1.11	%
Other consumer	9		6		5		6		6		.19	%	.13	%	.11	%	.13	%	.14	%
Total	$	235	$	212	$	271	$	258	$	256	.10	%	.09	%	.12	%	.12	%	.11	%

Table 13: Accruing Loans Past Due 90 Days or More (a)

	Amount										Percent of Total Outstandings
	Jun. 30		Mar. 31		Dec. 31		Sept. 30		Jun. 30		Jun. 30		Mar. 31		Dec. 31		Sept. 30		Jun. 30
Dollars in millions	2019		2019		2018		2018		2018		2019		2019		2018		2018		2018
Commercial	$	59	$	71	$	52	$	67	$	59	.05	%	.06	%	.04	%	.06	%	.05	%
Residential real estate
Non government insured	13		18		19		15		14		.06	%	.09	%	.10	%	.08	%	.08	%
Government insured	293		305		344		342		339		1.46	%	1.60	%	1.84	%	1.88	%	1.90	%
Automobile	8		10		12		8		7		.05	%	.07	%	.08	%	.06	%	.05	%
Credit card	48		53		53		48		44		.74	%	.85	%	.83	%	.80	%	.75	%
Education
Non government insured	3		3		3		3		4		.08	%	.08	%	.08	%	.08	%	.10	%
Government insured	92		123		138		129		114		2.59	%	3.32	%	3.61	%	3.26	%	2.81	%
Other consumer	8		7		8		7		5		.17	%	.15	%	.17	%	.15	%	.11	%
Total	$	524	$	590	$	629	$	619	$	586	.22	%	.25	%	.28	%	.28	%	.26	%

(a) Excludes loans held for sale and purchased impaired loans.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 10

Business Segment Descriptions (Unaudited)

Retail Banking provides deposit, lending, brokerage, insurance services, investment management and cash management products and services to consumer and small business customers. Our customers are serviced through our branch network, ATMs, call centers, online banking and mobile channels. The branch network is located in markets across the Mid-Atlantic, Midwest and Southeast. In 2018, Retail Banking launched its national retail digital strategy designed to grow customers with digitally-led banking and an ultra-thin branch network in markets outside of our existing retail branch network. Deposit products include checking, savings and money market accounts and certificates of deposit. Lending products include residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans and personal and small business loans and lines of credit. The residential mortgage loans are directly originated within our branch network and nationwide, and are typically underwritten to government agency and/or third-party standards, and either sold, servicing retained, or held on our balance sheet. Brokerage, investment management and cash management products and services include managed, education, retirement and trust accounts.

Corporate & Institutional Bankingprovides lending, treasury management, and capital markets-related products and services to mid-sized and large corporations, and government and not-for-profit entities. Lending products include secured and unsecured loans, letters of credit and equipment leases. Treasury management services include cash and investment management, receivables management, disbursement services, funds transfer services, information reporting and global trade services. Capital markets-related products and services include foreign exchange, derivatives, securities underwriting, loan syndications, mergers and acquisitions advisory and equity capital markets advisory related services. We also provide commercial loan servicing and technology solutions for the commercial real estate finance industry. Products and services are provided nationally.

Asset Management Group provides personal wealth management for high net worth and ultra high net worth clients and institutional asset management. The Asset Management group is comprised of three distinct operating units:

• Wealth management provides products and services to individuals and their families including investment and retirement planning, customized investment management, private banking, and trust management and administration for individuals and their families.

• Our Hawthorn unit provides multi-generational family planning including estate, financial, tax planning, fiduciary, investment management and consulting, private banking, personal administrative services, asset custody and customized performance reporting to ultra high net worth clients.

• Institutional asset management provides outsourced chief investment officer, custody, private real estate, cash and fixed income client solutions, and fiduciary retirement advisory services to institutional clients including corporations, healthcare systems, insurance companies, unions, municipalities and non-profits.

BlackRock, in which we hold an equity investment, is a leading publicly-traded investment management firm providing a broad range of investment and technology services to institutional and retail clients worldwide. Using a diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes, BlackRock tailors investment outcomes and asset allocation solutions for clients. Product offerings include single- and multi-asset class portfolios investing in equities, fixed income, alternatives and money market instruments. BlackRock also offers technology services, including an investment and risk management technology platform, as well as advisory services and solutions to a broad base of institutional and wealth management clients. Our equity investment in BlackRock provides us with an additional source of noninterest income and increases our overall revenue diversification. BlackRock is a publicly-traded company, and additional information regarding its business is available in its filings with the Securities and Exchange Commission (SEC). At June 30, 2019, our economic interest in BlackRock was 22%.

Table 14: Period End Employees

	June 30	March 31	December 31	September 30	June 30
	2019	2019	2018	2018	2018
Full-time employees
Retail Banking	28,671	28,992	29,180	29,296	29,884
Other full-time employees	21,571	21,652	21,748	21,768	21,498
Total full-time employees	50,242	50,644	50,928	51,064	51,382
Part-time employees
Retail Banking	2,037	1,887	1,974	2,071	2,349
Other part-time employees	518	180	161	187	563
Total part-time employees	2,555	2,067	2,135	2,258	2,912
Total	52,797	52,711	53,063	53,322	54,294

THE PNC FINANCIAL SERVICES GROUP, INC. Page 11

Table 15: Summary of Business Segment Income and Revenue (Unaudited) (a)

	Three months ended										Six months ended
	June 30		March 31		December 31		September 30		June 30		June 30		June 30
In millions	2019		2019		2018		2018		2018		2019		2018
Income
Retail Banking	$	325	$	264	$	313	$	228	$	274	$	589	$	523
Corporate & Institutional Banking	602		552		651		642		652		1,154		1,215
Asset Management Group	80		45		42		55		43		125		105
Other, including BlackRock (b)	367		410		345		475		387		777		752
Net income	$	1,374	$	1,271	$	1,351	$	1,400	$	1,356	$	2,645	$	2,595
Revenue
Retail Banking	$	2,033	$	1,944	$	2,015	$	1,927	$	1,955	$	3,977	$	3,808
Corporate & Institutional Banking	1,578		1,474		1,562		1,517		1,535		3,052		2,964
Asset Management Group	354		287		286		299		294		641		594
Other, including BlackRock (b)	474		581		477		614		540		1,055		1,069
Total revenue	$	4,439	$	4,286	$	4,340	$	4,357	$	4,324	$	8,725	$	8,435

(a) Our business information is presented based on our internal management reporting practices. Net interest income in business segment results reflects PNC’s internal funds transfer pricing methodology. Assets receive a funding charge and liabilities and capital receive a funding credit based on a transfer pricing methodology that incorporates product repricing characteristics, tenor and other factors.

(b) Includes earnings and gains or losses related to PNC's equity interest in BlackRock and residual activities that do not meet the criteria for disclosure as a separate reportable business. We provide additional information on these activities in our Form 10-K and Form 10-Q filings with the SEC.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 12

Table 16: Retail Banking (Unaudited) (a)

	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions	2019			2019			2018			2018			2018			2019			2018
Income Statement
Net interest income	$	1,376		$	1,349		$	1,319		$	1,305		$	1,277		$	2,725		$	2,495
Noninterest income	657			595			696			622			678			1,252			1,313
Total revenue	2,033			1,944			2,015			1,927			1,955			3,977			3,808
Provision for credit losses	81			128			119			113			72			209			141
Noninterest expense	1,527			1,468			1,487			1,514			1,521			2,995			2,977
Pretax earnings	425			348			409			300			362			773			690
Income taxes	100			84			96			72			88			184			167
Earnings	$	325		$	264		$	313		$	228		$	274		$	589		$	523
Average Balance Sheet
Loans held for sale	$	554		$	441		$	559		$	704		$	629		$	498		$	640
Loans
Consumer
Home equity	$	22,620		$	22,990		$	23,407		$	23,777		$	24,177		$	22,804		$	24,391
Automobile	15,222			14,608			14,375			14,169			13,642			14,917			13,375
Education	3,665			3,816			3,918			4,039			4,181			3,740			4,294
Credit cards	6,376			6,204			6,112			5,889			5,728			6,291			5,674
Other	2,179			2,068			1,985			1,857			1,771			2,123			1,768
Total consumer	50,062			49,686			49,797			49,731			49,499			49,875			49,502
Commercial and commercial real estate	10,481			10,461			10,339			10,209			10,458			10,471			10,493
Residential mortgage	15,737			15,034			14,637			14,153			13,718			15,388			13,570
Total loans	$	76,280		$	75,181		$	74,773		$	74,093		$	73,675		$	75,734		$	73,565
Total assets	$	92,350		$	91,255		$	91,164		$	89,963		$	89,021		$	91,805		$	88,879
Deposits
Noninterest-bearing demand	$	31,516		$	30,389		$	31,011		$	31,159		$	30,712		$	30,956		$	30,248
Interest-bearing demand	42,735			42,477			41,655			41,778			42,802			42,607			42,373
Money market	25,799			26,773			27,256			28,876			30,799			26,283			31,560
Savings	56,075			53,100			49,771			47,964			46,426			54,596			45,139
Certificates of deposit	12,704			12,381			12,153			11,974			11,816			12,543			11,948
Total deposits	$	168,829		$	165,120		$	161,846		$	161,751		$	162,555		$	166,985		$	161,268
Performance Ratios
Return on average assets	1.41		%	1.17		%	1.36		%	1.01		%	1.23		%	1.29		%	1.19		%
Noninterest income to total revenue	32		%	31		%	35		%	32		%	35		%	31		%	34		%
Efficiency	75		%	76		%	74		%	79		%	78		%	75		%	78		%

(a) See note (a) on page 11.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 13

Retail Banking (Unaudited) (Continued)

	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions, except as noted	2019			2019			2018			2018			2018			2019			2018
Supplemental Noninterest Income Information
Consumer services	$	299		$	277		$	291		$	284		$	287		$	576		$	553
Brokerage	$	86		$	89		$	90		$	86		$	88		$	175		$	174
Residential mortgage	$	82		$	65		$	59		$	76		$	84		$	147		$	181
Service charges on deposits	$	164		$	162		$	185		$	179		$	164		$	326		$	324
Residential Mortgage Information
Residential mortgage servicing statistics (in billions, except as noted) (a)
Serviced portfolio balance (b)	$	124		$	123		$	125		$	127		$	124
Serviced portfolio acquisitions	$	5		$	1		$	2		$	6		$	3		$	6		$	4
MSR asset value (b)	$	1.0		$	1.1		$	1.3		$	1.4		$	1.3
MSR capitalization value (in basis points) (b)	80			92			100			108			104
Servicing income: (in millions)
Servicing fees, net (c)	$	42		$	53		$	49		$	42		$	39		$	95		$	90
Mortgage servicing rights valuation, net of economic hedge	$	7		$	(9	)	$	(19	)	—			$	13		$	(2	)	$	22
Residential mortgage loan statistics
Loan origination volume (in billions)	$	2.9		$	1.7		$	1.6		$	2.1		$	2.0		$	4.6		$	3.7
Loan sale margin percentage	2.24		%	2.35		%	2.49		%	2.21		%	2.21		%	2.28		%	2.49		%
Percentage of originations represented by:
Purchase volume (d)	54		%	56		%	67		%	72		%	71		%	55		%	65		%
Refinance volume	46		%	44		%	33		%	28		%	29		%	45		%	35		%
Other Information (b)
Customer-related statistics (average)
Non-teller deposit transactions (e)	56		%	57		%	55		%	55		%	54		%	56		%	54		%
Digital consumer customers (f)	69		%	68		%	67		%	66		%	65		%	69		%	65		%
Credit-related statistics
Nonperforming assets	$	1,074		$	1,109		$	1,126		$	1,145		$	1,141
Net charge-offs	$	120		$	132		$	112		$	96		$	112		$	252		$	212
Other statistics
ATMs	9,072			9,112			9,162			9,093			9,043
Branches (g)	2,321			2,347			2,372			2,388			2,404
Brokerage account client assets (in billions) (h)	$	52		$	51		$	47		$	51		$	49

(a) Represents mortgage loan servicing balances for third parties and the related income.

(b) Presented as of period end, except for customer-related statistics, which are quarterly averages, and net charge-offs, which are for the three months ended.

(c) Servicing fees net of impact of decrease in MSR value due to passage of time, including the impact from both regularly scheduled loan prepayments and loans that were paid down or paid off during the period.

(d) Mortgages with borrowers as part of residential real estate purchase transactions.

(e) Percentage of total consumer and business banking deposit transactions processed at an ATM or through our mobile banking application.

(f) Represents consumer checking relationships that process the majority of their transactions through non-teller channels.

(g) Excludes stand-alone mortgage offices and satellite offices (e.g., drive-ups, electronic branches and retirement centers) that provide limited products and/or services.

(h) Includes cash and money market balances.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 14

Table 17: Corporate & Institutional Banking (Unaudited) (a)

	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions	2019			2019			2018			2018			2018			2019			2018
Income Statement
Net interest income	$	917		$	898		$	930		$	925		$	900		$	1,815		$	1,782
Noninterest income	661			576			632			592			635			1,237			1,182
Total revenue	1,578			1,474			1,562			1,517			1,535			3,052			2,964
Provision for credit losses (benefit)	100			71			42			(13		)	15			171			56
Noninterest expense	698			686			687			698			668			1,384			1,321
Pretax earnings	780			717			833			832			852			1,497			1,587
Income taxes	178			165			182			190			200			343			372
Earnings	$	602		$	552		$	651		$	642		$	652		$	1,154		$	1,215
Average Balance Sheet
Loans held for sale	$	330		$	347		$	669		$	514		$	594		$	338		$	890
Loans
Commercial	$	113,702		$	108,641		$	106,082		$	103,474		$	102,722		$	111,186		$	101,767
Commercial real estate	26,224			25,971			26,183			26,650			26,715			26,098			26,723
Equipment lease financing	7,284			7,264			7,216			7,202			7,495			7,274			7,669
Total commercial lending	147,210			141,876			139,481			137,326			136,932			144,558			136,159
Consumer	16			20			22			32			39			18			58
Total loans	$	147,226		$	141,896		$	139,503		$	137,358		$	136,971		$	144,576		$	136,217
Total assets	$	163,897		$	157,169		$	156,997		$	153,897		$	153,619		$	160,551		$	152,769
Deposits
Noninterest-bearing demand	$	38,765		$	39,551		$	42,678		$	43,480		$	44,383		$	39,156		$	45,136
Money market	26,948			25,630			25,691			24,285			22,832			26,292			23,118
Other	24,811			23,374			23,423			20,343			18,589			24,097			18,590
Total deposits	$	90,524		$	88,555		$	91,792		$	88,108		$	85,804		$	89,545		$	86,844
Performance Ratios
Return on average assets	1.47		%	1.42		%	1.65		%	1.66		%	1.70		%	1.45		%	1.60		%
Noninterest income to total revenue	42		%	39		%	40		%	39		%	41		%	41		%	40		%
Efficiency	44		%	47		%	44		%	46		%	44		%	45		%	45		%
Other Information
Consolidated revenue from:
Treasury Management (b)	$	467		$	445		$	461		$	453		$	446		$	912		$	865
Capital Markets (b)	$	313		$	246		$	272		$	275		$	283		$	559		$	541
Commercial mortgage banking activities
Commercial mortgage loans held for sale (c)	$	20		$	15		$	29		$	26		$	38		$	35		$	52
Commercial mortgage loan servicing income (d)	65			54			68			64			60			119			115
Commercial mortgage servicing rights valuation, net of economic hedge (e)	11			5			1			2			20			16			24
Total	$	96		$	74		$	98		$	92		$	118		$	170		$	191
MSR asset value (f)	$	630		$	681		$	726		$	766		$	748
Average Loans by C&IB business (g)
Corporate Banking	$	74,366		$	71,089		$	67,567		$	66,560		$	66,314		$	72,736		$	65,933
Real Estate	37,143			36,357			38,141			37,463			37,419			36,752			37,336
Business Credit	22,877			21,728			21,431			20,928			20,630			22,306			20,414
Commercial Banking	8,080			8,118			8,031			8,112			8,174			8,099			8,146
Other	4,760			4,604			4,333			4,295			4,434			4,683			4,389
Total average loans	$	147,226		$	141,896		$	139,503		$	137,358		$	136,971		$	144,576		$	136,218
Credit-related statistics
Nonperforming assets (f)	$	497		$	388		$	377		$	355		$	385
Net charge-offs	$	23		$	5		$	2		$	1		$	(2	)	$	28		$	7

(a) See note (a) on page 11.

(b) Includes amounts reported in net interest income and noninterest income.

(c) Includes other noninterest income for valuations on commercial mortgage loans held for sale and related commitments, derivative valuations, originations fees, gains on sale of loans held for sale and net interest income on loans held for sale.

(d) Includes net interest income and noninterest income (primarily in corporate service fees) from loan servicing net of reduction in commercial mortgage servicing rights due to amortization expense and payoffs. Commercial mortgage servicing rights valuation, net of economic hedge is shown separately.

(e) Includes amounts reported in corporate service fees.

(f) Presented as of period end.

(g) As a result of our first quarter 2019 C&IB business realignment, average loans previously reported as Equipment Finance were reclassified to other C&IB businesses for all periods presented.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 15

Table 18: Asset Management Group (Unaudited) (a)

	Three months ended															Six months ended
	June 30			March 31			December 31			September 30			June 30			June 30			June 30
Dollars in millions, except as noted	2019			2019			2018			2018			2018			2019			2018
Income Statement
Net interest income	$	68		$	70		$	70		$	71		$	72		$	138		$	146
Noninterest income	286			217			216			228			222			503			448
Total revenue	354			287			286			299			294			641			594
Provision for credit losses (benefit)	—			(1		)	—			2			7			(1		)	—
Noninterest expense	249			230			232			225			231			479			456
Pretax earnings	105			58			54			72			56			163			138
Income taxes	25			13			12			17			13			38			33
Earnings	$	80		$	45		$	42		$	55		$	43		$	125		$	105
Average Balance Sheet
Loans
Consumer	$	4,216		$	4,362		$	4,522		$	4,623		$	4,698		$	4,289		$	4,741
Commercial and commercial real estate	731			752			705			727			742			741			738
Residential mortgage	1,792			1,723			1,666			1,605			1,561			1,758			1,539
Total loans	$	6,739		$	6,837		$	6,893		$	6,955		$	7,001		$	6,788		$	7,018
Total assets	$	7,150		$	7,259		$	7,328		$	7,397		$	7,469		$	7,204		$	7,484
Deposits
Noninterest-bearing demand	$	1,347		$	1,388		$	1,469		$	1,440		$	1,459		$	1,368		$	1,462
Interest-bearing demand	2,891			3,076			3,055			3,253			3,448			2,983			3,494
Money market	1,785			2,036			2,001			2,112			2,332			1,910			2,454
Savings	5,875			5,723			5,294			4,955			4,690			5,799			4,651
Other	797			697			634			537			382			747			345
Total deposits	$	12,695		$	12,920		$	12,453		$	12,297		$	12,311		$	12,807		$	12,406
Performance Ratios
Return on average assets	4.49		%	2.51		%	2.27		%	2.95		%	2.31		%	3.50		%	2.83		%
Noninterest income to total revenue	81		%	76		%	76		%	76		%	76		%	78		%	75		%
Efficiency	70		%	80		%	81		%	75		%	79		%	75		%	77		%
Other Information
Nonperforming assets (b)	$	45		$	48		$	46		$	51		$	51
Net charge-offs	—			$	1		$	1		$	1		$	1		$	1		$	7
Client Assets Under Administration (in billions) (b) (c)
Discretionary client assets under management	$	162		$	158		$	148		$	159		$	149
Nondiscretionary client assets under administration	132			130			124			134			130
Total	$	294		$	288		$	272		$	293		$	279
Discretionary client assets under management
Personal	$	99		$	95		$	87		$	97		$	92
Institutional	63			63			61			62			57
Total	$	162		$	158		$	148		$	159		$	149

(a) See note (a) on page 11.

(b) As of period end.

(c) Excludes brokerage account client assets.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 16

Glossary of Terms

Adjusted average total assets - Primarily consisted of total average quarterly (or annual) assets plus (less) unrealized losses (gains) on investment securities, less goodwill and certain other intangible assets (net of eligible deferred taxes).

Basel III common equity Tier 1 capital - Common stock plus related surplus, net of treasury stock, plus retained earnings, plus accumulated other comprehensive income for securities currently and those transferred from available for sale and pension and other postretirement benefit plans, subject to phase-in limits, less goodwill, net of associated deferred tax liabilities, less other disallowed intangibles, net of deferred tax liabilities and plus/less other adjustments. Significant common stock investments in unconsolidated financial institutions, as well as mortgage servicing rights and deferred tax assets, must then be deducted to the extent such items individually exceed 10%, or in the aggregate exceed 15%, of our adjusted Basel III common equity Tier 1 capital.

Basel III common equity Tier 1 capital ratio - Common equity Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Tier 1 capital - Common equity Tier 1 capital, plus qualifying preferred stock, plus certain trust preferred capital securities, plus certain noncontrolling interests that are held by others and plus/less other adjustments.

Basel III Tier 1 capital ratio - Tier 1 capital divided by period-end risk-weighted assets (as applicable).

Basel III Total capital - Tier 1 capital plus qualifying subordinated debt, plus certain trust preferred securities, plus, under the Basel III transitional rules and the standardized approach, the allowance for loan and lease losses included in Tier 2 capital and other.

Basel III Total capital ratio - Total capital divided by period-end risk-weighted assets (as applicable).

Charge-off - Process of removing a loan or portion of a loan from our balance sheet because it is considered uncollectible. We also record a charge-off when a loan is transferred from portfolio holdings to held for sale by reducing the loan carrying amount to the fair value of the loan, if fair value is less than carrying amount.

Combined loan-to-value ratio (CLTV) - This is the aggregate principal balance(s) of the mortgages on a property divided by its appraised value or purchase price.

Common shareholders’ equity - Total shareholders' equity less the liquidation value of preferred stock.

Credit valuation adjustment- Represents an adjustment to the fair value of our derivatives for our own and counterparties’ non-performance risk.

Criticized commercial loans - Loans with potential or identified weaknesses based upon internal risk ratings that comply with the regulatory classification definitions of “Special Mention,” “Substandard” or “Doubtful.”

Discretionary client assets under management - Assets over which we have sole or shared investment authority for our customers/clients. We do not include these assets on our Consolidated Balance Sheet.

Duration of equity - An estimate of the rate sensitivity of our economic value of equity. A negative duration of equity is associated with asset sensitivity (i.e., positioned for rising interest rates), while a positive value implies liability sensitivity (i.e., positioned for declining interest rates). For example, if the duration of equity is -1.5 years, the economic value of equity increases by 1.5% for each 100 basis point increase in interest rates.

Earning assets - Assets that generate income, which include: interest-earning deposits with banks; loans held for sale; loans; investment securities; and certain other assets.

Effective duration- A measurement, expressed in years, that, when multiplied by a change in interest rates, would approximate the percentage change in value of on- and off- balance sheet positions.

Efficiency - Noninterest expense divided by total revenue.

Fair value - The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

THE PNC FINANCIAL SERVICES GROUP, INC. Page 17

Fee income - When referring to the components of Noninterest income, we use the term fee income to refer to the following categories within Noninterest income: Asset management; Consumer services; Corporate services; Residential mortgage; and Service charges on deposits.

FICO score- A credit bureau-based industry standard score created by Fair Isaac Co. which predicts the likelihood of borrower default. We use FICO scores both in underwriting and assessing credit risk in our consumer lending portfolio. Lower FICO scores indicate likely higher risk of default, while higher FICO scores indicate likely lower risk of default. FICO scores are updated on a periodic basis.

Futures and forward contracts - Contracts in which the buyer agrees to purchase and the seller agrees to deliver a specific financial instrument at a predetermined price or yield. May be settled either in cash or by delivery of the underlying financial instrument.

GAAP - Accounting principles generally accepted in the United States of America.

Impaired loans - Loans are determined to be impaired when, based on current information and events, it is probable that all contractually required payments will not be collected. Impaired loans include commercial nonperforming loans and consumer and commercial TDRs, regardless of nonperforming status. Excluded from impaired loans are nonperforming leases, loans held for sale, loans accounted for under the fair value option, smaller balance homogenous type loans and purchased impaired loans.

Leverage ratio - Tier 1 capital divided by average quarterly adjusted total assets.

LIBOR - Acronym for London InterBank Offered Rate. LIBOR is the average interest rate charged when banks in the London wholesale money market (or interbank market) borrow unsecured funds from each other. LIBOR rates are used as a benchmark for interest rates on a global basis. Our product set includes loans priced using LIBOR as a benchmark.

Loan-to-value ratio (LTV) - A calculation of a loan's collateral coverage that is used both in underwriting and assessing credit risk in our lending portfolio. LTV is the sum total of loan obligations secured by collateral divided by the market value of that same collateral. Market values of the collateral are based on an independent valuation of the collateral. For example, a LTV of less than 90% is better secured and has less credit risk than a LTV of greater than or equal to 90%.

Loss given default (LGD) - An estimate of loss, net of recovery based on collateral type, collateral value, loan exposure, and other factors. Each loan has its own LGD. The LGD risk rating measures the percentage of exposure of a specific credit obligation that we expect to lose if default occurs. LGD is net of recovery, through any means, including but not limited to the liquidation of collateral or deficiency judgments rendered from foreclosure or bankruptcy proceedings.

Nonaccrual loans - Loans for which we do not accrue interest income. Nonaccrual loans include nonperforming loans, in addition to loans accounted for under fair value option and loans accounted for as held for sale for which full collection of contractual principal and/or interest is not probable.

Nondiscretionary client assets under administration - Assets we hold for our customers/clients in a nondiscretionary, custodial capacity. We do not include these assets on our Consolidated Balance Sheet.

Nonperforming assets - Nonperforming assets include nonperforming loans, OREO and foreclosed assets, but exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale, loans accounted for under the fair value option and purchased impaired loans. We do not accrue interest income on assets classified as nonperforming.

Nonperforming loans - Loans accounted for at amortized cost for which we do not accrue interest income. Nonperforming loans include loans to commercial, commercial real estate, equipment lease financing, home equity, residential real estate, automobile, credit card and other consumer customers as well as TDRs which have not returned to performing status. Nonperforming loans exclude certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest, loans held for sale, loans accounted for under the fair value option and purchased impaired loans. Nonperforming loans exclude purchased impaired loans as we are currently accreting interest income over the expected life of the loans.

Notional amount - A number of currency units, shares, or other units specified in a derivative contract.

Operating leverage - The period to period dollar or percentage change in total revenue (GAAP basis) less the dollar or percentage change in noninterest expense. A positive variance indicates that revenue growth exceeded expense growth (i.e., positive operating leverage) while a negative variance implies expense growth exceeded revenue growth (i.e., negative operating leverage).

THE PNC FINANCIAL SERVICES GROUP, INC. Page 18

Options - Contracts that grant the purchaser, for a premium payment, the right, but not the obligation, to either purchase or sell the associated financial instrument at a set price during a specified period or at a specified date in the future.

Other real estate owned (OREO) and foreclosed assets - Assets taken in settlement of troubled loans primarily through deed-in-lieu of foreclosure or foreclosure. Foreclosed assets include real and personal property. Excludes certain assets that have a government-guarantee which are classified as other receivables.

Probability of default (PD) - An internal risk rating that indicates the likelihood that a credit obligor will enter into default status.

Recovery - Cash proceeds received on a loan that we had previously charged off. We credit the amount received to the allowance for loan and lease losses.

Risk-weighted assets - Computed by the assignment of specific risk-weights (as defined by the Board of Governors of the Federal Reserve System) to assets and off-balance sheet instruments.

Servicing rights - An intangible asset or liability created by an obligation to service assets for others. Typical servicing rights include the right to receive a fee for collecting and forwarding payments on loans and related taxes and insurance premiums held in escrow.

Taxable-equivalent interest income - The interest income earned on certain assets that is completely or partially exempt from federal income tax. These tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of yields and margins for all interest-earning assets, we use interest income on a taxable-equivalent basis in calculating average yields and net interest margins by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on other taxable investments. This adjustment is not permitted under GAAP on the Consolidated Income Statement.

Troubled debt restructuring (TDR) - A loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties.

Yield curve - A graph showing the relationship between the yields on financial instruments or market indices of the same credit quality with different maturities. For example, a “normal” or “positive” yield curve exists when long-term bonds have higher yields than short-term bonds. A “flat” yield curve exists when yields are the same for short-term and long-term bonds. A “steep” yield curve exists when yields on long-term bonds are significantly higher than on short-term bonds. An “inverted” or “negative” yield curve exists when short-term bonds have higher yields than long-term bonds.

EX-99.2

Exhibit 99.2 Second Quarter 2019 Earnings Conference Call July 17, 2019 The PNC Financial Services Group

Cautionary Statement Regarding Forward-Looking and Non-GAAP Financial Information Our earnings conference call presentation is not intended as a full business or financial review and should be viewed in the context of all of the information made available by PNC in its SEC filings and on its corporate website. The presentation contains forward-looking statements regarding our outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting PNC and its future business and operations. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this presentation are qualified by the factors affecting forward-looking statements identified in the more detailed Cautionary Statement included in the Appendix. We provide greater detail regarding these as well as other factors in our 2018 Form 10-K and 1Q19 Form 10-Q, and in our subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss in this presentation or in our SEC filings. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. Forward-looking statements in this presentation speak only as of the date of this presentation. We do not assume any duty and do not undertake to update those statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. We include non-GAAP financial information in this presentation. Non-GAAP financial information includes financial metrics such as fee income, tangible book value, pretax, pre-provision earnings and return on tangible common equity. Reconciliations for such financial information may be found in our presentation, in these slides, including the Appendix, in other materials on our corporate website, and in our SEC filings. This information supplements our results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, our GAAP results. We believe that this information and the related reconciliations may be useful to investors, analysts, regulators and others to help understand and evaluate our financial results, and with respect to adjusted metrics, because we believe they better reflect the ongoing financial results and trends of our businesses and increase comparability of period-to- period results. We may also use annualized, pro forma, estimated or third party numbers for illustrative or comparative purposes only. These may not reflect actual results. References to our corporate website are to www.pnc.com under “About Us - Investor Relations.” Our SEC filings are available both on our corporate website and on the SEC’s website at www.sec.gov. We include web addresses here as inactive textual references only. Information on these websites is not part of this presentation. 2

Second Quarter 2019 Highlights . Successful quarter Net Income − Average loans up 3% $1.4 billion − Average deposits up 2% Diluted Earnings Per Share − Net income up 8% $2.88 − Revenue up 4% Return on Average Assets − Net interest income up 1% 1.39% − Noninterest income up 7% − Noninterest expense up 1% Return on Common Equity 11.75% . Generated positive operating leverage . Credit quality remained strong Return on Tangible Common Equity 14.82% − Growth rates compared to 1Q19 − Return on Tangible Common Equity (Non-GAAP) – See Reconciliation in Appendix. 3

Balance Sheet: Grew Loans, Deposits and Securities Change vs. Average balances, $ billions 2Q19 1Q19 2Q18 Highlights . Growth primarily in corporate banking and business Commercial lending $160.1 $5.4 $10.4 credit businesses . Growth in residential mortgage, auto, credit card and Consumer lending 74.7 0.9 1.8 unsecured installment loans Total loans $234.8 $6.3 $12.2 . 3% linked quarter growth; 5% year-over-year growth Investment securities $83.6 $1.3 $6.1 . 2% linked quarter growth; 8% year-over-year growth Federal Reserve Bank balances $13.2 ($1.5) ($7.5) . Deployed liquidity into loans and securities Deposits $272.9 $5.7 $11.9 . Overall deposit and customer growth . Returned $1.2 billion to shareholders in 2Q19 Common shareholders’ equity $44.6 $1.0 $1.9 − 6 million shares repurchased for $802 million and dividends of $431 million 6/30/19 3/31/19 6/30/18 Basel III common equity Tier 1 capital ratio 9.7% 9.8% 9.5% . Strong capital position Tangible book value per common share $80.76 $78.07 $72.25 . 12% increase over 6/30/18 − Basel III common equity Tier 1 capital ratio – June 30, 2019 ratio is estimated. All ratios calculated based on the standardized approach. − Tangible book value per common share (Non-GAAP) – See Reconciliation in Appendix. 4

Balance Sheet: Strong Growth in Loans and Deposits Loans Deposits 3% Linked Quarter Growth 2% Linked Quarter Growth $234.8 $228.5 $267.2 $272.9 $222.6 $261.0 $160.1 $154.7 $195.8 $201.2 $149.7 $184.4 4.61% 4.56% 0.98% 1.03% 4.23% 0.57% Average Average balances, $ billions Average Average balances, $ billions $72.9 $73.8 $74.7 $76.6 $71.4 $71.7 2Q18 1Q19 2Q19 2Q18 1Q19 2Q19 Consumer Commercial Total Loan Yield Noninterest-bearing Interest-bearing Deposit Rate 5

Balance Sheet: Substantial Capital Returned to Shareholders Announced Share Repurchase Programs Highlights Significant Increase in 2019 Plan $4.3 . Completed 2018 capital plan: $2.7 $2.9 $2.3 − Returned $4.5 billion to $ billions shareholders via dividends and share repurchases 3Q16 - 2Q17 3Q17 - 2Q18 3Q18 - 2Q19 3Q19 - 2Q20 . Announced 2019 capital plan: Quarterly Common Dividend Declared − Share repurchase programs All-Time High Dividend Effective 3Q19 of up to $4.3 billion for the $1.15 four quarter period beginning $0.95 in 3Q19 $0.75 $0.55 − Common stock dividend increase of $0.20 to $1.15 per share 3Q16 3Q17 3Q18 3Q19 − Announced Share Repurchase Programs – Amounts included in capital plans subject to CCAR process and includes increases announced during the period; PNC’s ability to purchase full amount is subject to factors such as market and general economic conditions, regulatory capital conditions, alternative uses of capital, regulatory and contractual limitations, issuances related to employee benefit plans and the potential impact on credit ratings. 6

Income Statement: Strong Results, Positive Operating Leverage Change vs. $ millions 2Q19 1Q19 2Q18 Highlights . Higher interest-earning assets, partially offset by lower Net interest income $2,498 $23 $85 asset yields and higher interest-bearing liability balances . Linked quarter had seasonally higher fee income and Noninterest income 1,941 130 30 higher other noninterest income Total revenue $4,439 $153 $115 . 4% linked quarter growth; 3% year-over-year growth . Efficiency improved; generated linked quarter positive Noninterest expense $2,611 $33 $27 operating leverage of 2.3% Pretax, pre-provision earnings $1,828 $120 $88 . 7% linked quarter growth; 5% year-over-year growth Provision $180 ($9) $100 . Credit quality remained strong Net income $1,374 $103 $18 2Q19 1Q19 2Q18 Diluted EPS $2.88 $2.61 $2.72 . 10% linked quarter growth; 6% year-over-year growth − Pretax, pre-provision earnings (Non-GAAP) – See Reconciliation in Appendix. 7

Income Statement: Revenue Growth Despite Margin Compression Total Revenue Noninterest Income Detail 4% Linked Quarter Growth 7% Linked Quarter Growth $4,439 $4,324 $4,286 Change vs. $2,498 $ millions 2Q19 1Q19 2Q18 $2,413 $2,475 Asset management $445 $8 ($11) Consumer services 392 21 11 2.96% 2.98% 2.91% Corporate services 484 22 (3) Residential mortgage 82 17 (2) $ millions $1,911 $1,941 $1,811 Service charges on deposits 171 3 2 Fee income 1,574 71 (3) Other noninterest income 367 59 33 2Q18 1Q19 2Q19 Noninterest income $1,941 $130 $30 Noninterest Income NII NIM − NII – Net Interest Income. − NIM – Net Interest Margin. 8

Income Statement: Focused on Expense Management Noninterest Expense Noninterest Expense Detail Efficiency Ratio Improved 1% Linked Quarter Growth Change vs. $2,584 $2,578 $2,611 $ millions 2Q19 1Q19 2Q18 Personnel $1,365 ($49) $9 Occupancy 212 (3) 9 60% 60% 59% Equipment 298 25 17 $ millions Marketing 83 18 8 Other 653 42 (16) Noninterest expense $2,611 $33 $27 2Q18 1Q19 2Q19 Noninterest Expense Efficiency Ratio 9

Credit Quality: Remains Strong Provision Net Charge-offs ALLL to Loans for 2Q19: 1.15% NCO / Average Loans for 2Q19: 0.24% $189 $180 $136 $142 $148 $109 $107 $91 $80 $88 $ millions $ millions 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Nonperforming Loans Delinquencies $1,724 $1,719 $1,694 $1,694 $1,653 $1,428 $1,485 $1,436 $1,361 $1,309 0.77% 0.76% 0.75% 0.71% 0.73% $ millions $ millions 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 NPLs Nonperforming Loans to Total Loans − ALLL – Allowance for Loan and Lease Losses. − NCO / Average Loans represents annualized net charge-offs (NCO) to average loans for the three months ended. − Delinquencies represent accruing loans past due 30-days or more. 10

Outlook: Third Quarter 2019 Compared to Second Quarter 2019 Balance Average loans Up approximately 1% Sheet Net interest income Stable Fee income Up low-single digits Income Other noninterest income $250 - $300 million Statement Noninterest expense Stable Loan loss provision $150 - $200 million − Refer to Cautionary Statement in the Appendix, including economic and other assumptions. Does not take into account impact of potential legal and regulatory contingencies. − Average loans, net interest income, fee income and noninterest expense outlook represents estimated percentage change for third quarter 2019 compared to second quarter 2019. − The range for Other Noninterest Income excludes net securities gains and activities related to Visa Class B common shares. 11

Outlook: Full Year 2019 Compared to Full Year 2018 Balance Average loans Up approximately 5% Sheet Revenue Up higher end of low-single digits Income Noninterest expense Up lower end of low-single digits Statement Effective tax rate Approximately 17% Positioned to deliver positive operating leverage − Refer to Cautionary Statement in the Appendix, including economic and other assumptions. Does not take into account impact of potential legal and regulatory contingencies. − Average loans, revenue and noninterest expense outlook represents estimated percentage change for full year 2019 compared to full year 2018. 12

Appendix: Cautionary Statement Regarding Forward-Looking Information This presentation includes “snapshot” information about PNC used by way of illustration and is not intended as a full business or financial review. It should not be viewed in isolation but rather in the context of all of the information made available by PNC in its SEC filings. We also make statements in this presentation, and we may from time to time make other statements, regarding our outlook for earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting PNC and its future business and operations that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “plan,” “expect,” “anticipate,” “see,” “look,” “intend,” “outlook,” “project,” “forecast,” “estimate,” “goal,” “will,” “should” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date made. We do not assume any duty to update forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as from historical performance. Our forward-looking statements are subject to the following principal risks and uncertainties. . Our businesses, financial results and balance sheet values are affected by business and economic conditions, including the following: − Changes in interest rates and valuations in debt, equity and other financial markets. − Disruptions in the U.S. and global financial markets. − Actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply and market interest rates. − Changes in customer behavior due to recently enacted tax legislation, changing business and economic conditions or legislative or regulatory initiatives. − Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness. − Impacts of tariffs and other trade policies of the U.S. and its global trading partners. − Slowing or reversal of the current U.S. economic expansion. − Commodity price volatility. 13

Appendix: Cautionary Statement Regarding Forward-Looking Information . Our forward-looking financial statements are subject to the risk that economic and financial market conditions will be substantially different than those we are currently expecting and do not take into account potential legal and regulatory contingencies. These statements are based on our views that: − U.S. economic growth has accelerated over the past two years to above its long-run trend. However, growth is expected to slow over the course of 2019 and into 2020. − We expect that further gradual improvement in the labor market this year, including job gains and rising wages, will be another positive for consumer spending. − Slower global economic growth, trade restrictions and geopolitical concerns are downside risks to the forecast. − Inflation has slowed in early 2019, to below the FOMC’s 2 percent objective, but is expected to gradually increase over the next two years. − Our baseline forecast is for two 0.25% percentage point cuts to the federal funds rate in July and October 2019, taking the rate to a range of 1.75 to 2.00 percent by the end of 2019. . PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to review by the Federal Reserve Board as part of PNC’s comprehensive capital plan for the applicable period in connection with the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) process and to the acceptance of such capital plan and non-objection to such capital actions by the Federal Reserve Board. . PNC’s regulatory capital ratios in the future will depend on, among other things, the company’s financial performance, the scope and terms of final capital regulations then in effect and management actions affecting the composition of PNC’s balance sheet. In addition, PNC’s ability to determine, evaluate and forecast regulatory capital ratios, and to take actions (such as capital distributions) based on actual or forecasted capital ratios, will be dependent at least in part on the development, validation and regulatory review of related models. . Legal and regulatory developments could have an impact on our ability to operate our businesses, financial condition, results of operations, competitive position, reputation, or pursuit of attractive acquisition opportunities. Reputational impacts could affect matters such as business generation and retention, liquidity, funding, and ability to attract and retain management. These developments could include: − Changes to laws and regulations, including changes affecting oversight of the financial services industry, consumer protection, bank capital and liquidity standards, pension, bankruptcy and other industry aspects, and changes in accounting policies and principles. − Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries. These matters may result in monetary judgments or settlements or other remedies, including fines, penalties, restitution or alterations in our business practices, and in additional expenses and collateral costs, and may cause reputational harm to PNC. − Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies. − Impact on business and operating results of any costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general. 14

Appendix: Cautionary Statement Regarding Forward-Looking Information . Business and operating results are affected by our ability to identify and effectively manage risks inherent in our businesses, including, where appropriate, through effective use of systems and controls, third-party insurance, derivatives, and capital management techniques, and to meet evolving regulatory capital and liquidity standards. . Business and operating results also include impacts relating to our equity interest in BlackRock, Inc. and rely to a significant extent on information provided to us by BlackRock. Risks and uncertainties that could affect BlackRock are discussed in more detail by BlackRock in its SEC filings. . We grow our business in part through acquisitions and new strategic initiatives. Risks and uncertainties include those presented by the nature of the business acquired and strategic initiative, including in some cases those associated with our entry into new businesses or new geographic or other markets and risks resulting from our inexperience in those new areas, as well as risks and uncertainties related to the acquisition transactions themselves, regulatory issues, and the integration of the acquired businesses into PNC after closing. . Competition can have an impact on customer acquisition, growth and retention and on credit spreads and product pricing, which can affect market share, deposits and revenues. Our ability to anticipate and respond to technological changes can also impact our ability to respond to customer needs and meet competitive demands. . Business and operating results can also be affected by widespread natural and other disasters, pandemics, dislocations, terrorist activities, system failures, security breaches, cyberattacks or international hostilities through impacts on the economy and financial markets generally or on us or our counterparties specifically. We provide greater detail regarding these as well as other factors in our 2018 Form 10-K and 1Q19 Form 10-Q, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in that report, and in our subsequent SEC filings. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss elsewhere in this news release or in our SEC filings, accessible on the SEC’s website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document. Any annualized, pro forma, estimated, third party or consensus numbers in this presentation are used for illustrative or comparative purposes only and may not reflect actual results. Any consensus earnings estimates are calculated based on the earnings projections made by analysts who cover that company. The analysts’ opinions, estimates or forecasts (and therefore the consensus earnings estimates) are theirs alone, are not those of PNC or its management, and may not reflect PNC’s or other company’s actual or anticipated results. 15

Appendix: Non-GAAP to GAAP Reconciliation Return on Tangible Common Equity (Non-GAAP) For the three months ended June 30, March 31, June 30, $ millions 2019 2019 2018 Return on average common shareholders' equity 11.75% 11.13% 12.13% Average common shareholders' equity $44,591 $43,624 $42,670 Average Goodwill and Other intangible assets (9,448) (9,450) (9,520) Average deferred tax liabilities on Goodwill and Other intangible assets 191 190 192 Average tangible common equity $35,334 $34,364 $33,342 Net income attributable to common shareholders $1,306 $1,197 $1,290 Net income attributable to common shareholders, if annualized $5,238 $4,855 $5,174 Return on average tangible common equity 14.82% 14.13% 15.52% Return on average tangible common equity is a non-GAAP financial measure and is calculated based on annualized net income attributable to common shareholders divided by tangible common equity. We believe that return on average tangible common equity is useful as a tool to help measure and assess a company's use on common equity. 16

Appendix: Non-GAAP to GAAP Reconciliation Tangible Book Value per Common Share (Non-GAAP) % Change 6/30/19 6/30/19 $ millions, except per share data June 30, March 31, June 30, vs. vs. 2019 2019 2018 3/31/19 6/30/18 Book value per common share $101.53 $98.47 $92.26 3% 10% Tangible book value per common share Common shareholders' equity $45,349 $44,546 $42,917 Goodwill and Other intangible assets (9,442) (9,450) (9,511) Deferred tax liabilities on Goodwill and Other intangible assets 191 190 192 Tangible common shareholders' equity $36,098 $35,286 $33,598 Period-end common shares outstanding (in millions) 447 452 465 Tangible book value per common share (Non-GAAP) $80.76 $78.07 $72.25 3% 12% Tangible book value per common share is a non-GAAP financial measure and is calculated based on tangible common shareholders’ equity divided by period-end common shares outstanding. We believe this non-GAAP measure serves as a useful tool to help evaluate the strength and discipline of a company's capital management strategies and as an additional, conservative measure of total company value. 17

Appendix: Non-GAAP to GAAP Reconciliation Pretax, Pre-Provision Earnings (Non-GAAP) For the three months ended % Change June 30, March 31, June 30, 2Q19 2Q19 $ millions 2019 2019 2018 vs. 1Q19 vs. 2Q18 Net interest income $2,498 $2,475 $2,413 1% 4% Noninterest income 1,941 1,811 1,911 7% 2% Total revenue 4,439 4,286 4,324 4% 3% Noninterest expense 2,611 2,578 2,584 1% 1% Pretax pre-provision earnings $1,828 $1,708 $1,740 7% 5% Net income $1,374 $1,271 $1,356 8% 1% We believe that pretax, pre-provision earnings, a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. 18