The PNC Financial Services Group, Inc. announced the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governor of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period. The projection period for the 2024 test covers Jan.

1, 2024 to March 31, 2026. These results are the product of a forward-looking regulatory exercise using hypothetical macroeconomic assumptions and, as such, these results do not represent a forecast of PNC's future capital levels or anticipated economic conditions. The supervisory severely adverse scenario for the 2024 company-run stress test was released by the Federal Reserve and OCC Feb.15, 2024.

The scenario is characterized by a severe global recession with heightened stress in both commercial and residential real estate markets, as well as in corporate debt markets. The Basel III risk-based ratios were determined using the Standardized Approach for risk weights included in the Basel III rules.