PITTSBURGH, June 28, 2021 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) last week received the
results of the Federal Reserve's 2021 Comprehensive Capital
Analysis and Review (CCAR). The results included the Federal
Reserve's estimate of PNC's minimum capital ratios for the period
from the first quarter of 2021, through the first quarter of 2023,
under the Supervisory Severely Adverse Scenario. Based on its
strong results, PNC's Stress Capital Buffer (SCB) for the
four-quarter period beginning Oct. 1,
2021, applicable to PNC inclusive of the BBVA USA acquisition, is 2.5%, which is the
regulatory floor and the minimum SCB amount. PNC's Common Equity
Tier 1 (CET1) ratio significantly exceeds the regulatory minimum
(4.5%) plus our SCB, reflecting our strong capital levels.
PNC plans to recommend to its board of directors an increase in
the quarterly cash dividend on common stock of 10 cents per share, or 9%, to $1.25 per share in the third quarter of 2021,
consistent with the capital plan approved by its board. PNC's board
of directors is expected to consider this recommendation at its
next scheduled meeting on July 1,
2021.
In addition, PNC plans to reinstate its share repurchase
programs with repurchases of up to $2.9
billion for the four-quarter period beginning in the third
quarter of 2021. PNC's common share repurchases may be executed in
privately negotiated transactions or through the open market,
including under Rule 10b5-1 plans. The timing and amount of
executed repurchases will be based on market conditions and other
factors, including the integration of BBVA USA. Common
share repurchases will be made under the 100 million share
repurchase program approved by PNC's board of directors in
April 2019.
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:
Marcey Zwiebel
(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.