Category: 3. Business

Being able to quickly and efficiently diagnose COVID-19 is essential in monitoring the pandemic. Because the sampling process for saliva is noninvasive, and because it is inexpensive and minimizes the risk for transmissions to health care workers (Baghizadeh Fini, 2020), saliva sampling has excellent potential and advantages over other sampling methods from biological specimens such as the lower and upper respiratory tract (Wyllie et al., 2020; To et al., 2020). Given the significant individual heterogeneity in the saliva viral shedding (Ke et al., 2022; Hay et al., 2022), identifying biomarker(s) for viral shedding patterns will be crucial for improving public health interventions in the era of living with COVID-19.

To improve our understanding of SARS-CoV-2 infection dynamics in saliva to enable application of saliva testing in the fight against COVID-19, we quantified and stratified longitudinal virus dynamics in saliva samples from 144 mildly symptomatic individuals from the cohorts of the NFV clinical trial (Hosogaya et al., 2021) and the University of Illinois at Urbana-Champaign (Ke et al., 2022), and we uniquely analyzed the relationships among viral dynamics, clinical data, and micro-RNAs. Our mathematical modeling analysis indicates that viral dynamics in saliva may exhibit distinct patterns compared to those in the upper respiratory tract. We estimated that viral replication in saliva is characterized by a relatively rapid early growth phase, with a mean (standard deviation) doubling time of 1.44 (0.49) hours. Compared with prior studies analyzing viral dynamics in the upper respiratory tract using similar models, which reported doubling times of 2–4 hr (Ke et al., 2022; Gunawardana et al., 2022; Iyaniwura et al., 2024), our findings suggest that viral replication in saliva proceeds faster than in the upper respiratory tract. Multiple previous studies have also shown that viral loads in saliva rise more rapidly than in the nasal cavity, are detected with higher sensitivity early in infection, and reach their peak earlier (Ke et al., 2022; Migueres et al., 2022; Puhach et al., 2023; Savela et al., 2022; Smith et al., 2021).

In addition to the large heterogeneity in virus infection dynamics, we identified three groups (i.e. G1, G2, and G3) with different viral shedding patterns (Figure 2D). Immunocompromised patients have been reported to have a prolonged duration of viral RNA detection, lasting over three months, underscoring the critical role of host immune responses in controlling viral infections (Leung et al., 2022; Niyonkuru et al., 2021; Nakajima et al., 2021; Wei et al., 2021). Although oral immune responses remain poorly understood, Huang et al. recently confirmed by using single-cell RNA sequencing of the human minor salivary glands and gingiva that SARS-CoV-2 infection can trigger sustained, localized immune responses in saliva (Huang et al., 2021). In this study, we observed significant differences in the down-slopes of viral shedding in saliva among participants in different groups, with a more rapid decline in G1. This decline is likely attributed to a stronger immune response to SARS-CoV-2 in G1 participants than in participants in G2 and G3, as reflected in the death rate of infected cells due to the immune response (Figure 2D). Lower levels of viral replication have also been observed among infected participants with high baseline levels of mucosal IgA (but not IgG), as reported elsewhere (Havervall et al., 2022). Recently, we demonstrated that rapid anti-spike secretory IgA antibody responses can contribute to reducing duration of viral RNA detection and amounts in nasopharyngeal mucosa (Miyamoto et al., 2023). These findings highlight the importance of biomarkers that directly reflect an individual’s immune response, such as virus-specific antibody induction and T cell levels etc., in predicting viral shedding patterns. Therefore, quantifying the time-series pattern of mucosal IgA and its correlation with saliva viral load may provide crucial insights into the stratification of SARS-CoV-2 infection dynamics.

For the purpose of predicting viral shedding patterns during the early stage of infection, we first explored the association of 39 basic clinical variables, 8 daily symptoms, and the levels of 92 micro-RNAs with the stratified groups. However, none of the factors were significant (Table 1, Figure 3A, Figure 4B, Supplementary file 1A and Supplementary file 1F). On the other hand, it is noteworthy that all infection cases were mild and that most participants had clinical indicators within normal ranges. This lack of clinical heterogeneity within the cohort may have limited the ability to fully capture the diversity of infection dynamics. Moreover, the clinical parameters analyzed in this study are, a priori, unlikely to exhibit strong correlations with virologic outcomes. In contrast, we showed that mir-1846, which is an exogenous micro-RNA that is specifically classified as an Oryza sativa micro-RNA (osa-microRNA; Rakhmetullina et al., 2020), may exhibit a weak negative correlation. Exogenous micro-RNAs enter the human body primarily through food and can affect human metabolism by interacting and binding with human genes. mir-1846 is reported to interact with two human genes (Rakhmetullina et al., 2020) that are known to be associated with the progression of melanoma, various cancers, and leukemia. This suggests that mir-1846 levels may be linked to human immunity. Few studies have investigated the role of mir-1846 in humans, but our findings suggest the need for further investigations into the impact of this micro-RNA level on human immunity. Our research sheds light on the intricate patterns of viral shedding in saliva.

Our approach has several limitations that must be considered in our next study: First, our analysis was limited to participants with symptomatic infection and excluded those with asymptomatic infection (22 asymptomatic individuals out of a total of 182 individuals, i.e. 12% of participants) because we integrated datasets with different time scales from different cohorts. Although our data do not include participants infected with omicron variants, others have reported that the omicron variant may cause a higher proportion of asymptomatic infection (Garrett et al., 2022). Thus, evaluating the effect of asymptomatic infection will be important to update our stratification, especially for recent (or future emerging) VOCs. Second, potential viral rebound was neither prespecified nor systematically assessed. A subset of participants exhibited patterns consistent with possible rebound (e.g. S01-16 and S01-43 in Figure 2—figure supplement 1), which could affect estimates of viral RNA detection duration. Future studies should predefine an operational criterion for viral rebound and explicitly incorporate it into the modeling framework to strengthen robustness. Since both models considered in the present study cannot account for viral rebound, a more complex model would be required to capture this phenomenon. Third, micro-RNAs participate in the post-transcriptional regulation of gene expression; however, they do not provide direct insights into immune cell dynamics. Given the reported association between the duration of viral RNA detection and mucosal immunity as discussed above, it appears imperative to analyze modalities that are directly linked to the immune response in the future. Fourth, some of our results may have limited relevance to the current COVID-19 situation, as most people have now either been infected or vaccinated. Nevertheless, investigating the relationship between viral shedding patterns in saliva and various clinical and microRNA data, and developing a method to do so, remains important. Such research can offer valuable insights into the early response to emerging infectious viruses in the future.

Another potential limitation of this study is the timing of saliva specimen sampling, although we took great care to select and compare specimens from G1, G2, and G3 without bias. As a result of our clinical trial design (jRCT2071200023 Hosogaya et al., 2021; Miyazaki et al., 2023), participants were enrolled after the onset of symptoms, thereby restricting saliva specimen collection exclusively to the post-symptom phase. Unfortunately, we lack samples from the pre-infection, pre-symptomatic, and early infection phases. Consequently, the absence of individual-level baseline values for micro-RNA means that inter-participant heterogeneity in micro-RNA levels may obscure signals related to distinct viral infection dynamics in saliva.

In conclusion, our study revealed that the dynamics of SARS-CoV-2 infection in saliva can be classified into three groups based mainly on the duration of viral RNA detection. However, accurately predicting the variability in viral dynamics remains a challenging task, because it requires a more comprehensive understanding of the complex shedding patterns in saliva, as well as detailed clinical and molecular data. The identification of a sensitive, simple, and rapid biomarker for saliva viral shedding will be imperative for future COVID-19 outbreak control.

Guangzhou, China – January 16, 2026 – EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), a global leader in advanced air mobility (“AAM”) technology, today officially announced that the Board of Directors of the Company (the “Board”) has approved and appointed Mr. Shuai Feng as the Chief Technology Officer (“CTO”), effective on January 14, 2026. This appointment represents a key milestone in the Company’s technology strategy. Building on the solid foundation established through years of direct leadership over technology development by the Company’s Founder, Chairman, and Chief Executive Officer Mr. Huazhi Hu, EHang is advancing its technology management framework toward systematic innovation and industrial implementation.

 

Mr. Shuai Feng, CTO of EHang

 

Since the Company’s inception, Mr. Hu has personally led EHang’s core technology development with a clear technical vision and firm strategic direction, comprehensively overseeing the integrated initiatives across technology research and development (“R&D”), production and manufacturing, quality systems, and supply chain integration. Focusing on the Company’s core AAM strategy, he has guided the team through multiple breakthroughs in key unmanned aerial vehicle (“UAV”) and electric vertical take-off and landing (“eVTOL”) aircraft technologies and certifications, laying a strong technological foundation and establishing EHang’s industry-leading position. Throughout this process, Mr. Hu has placed strong emphasis on cultivating and developing core technical talent, with Mr. Feng being a next-generation technology leader the Company has invested in over many years.

 

Mr. Feng joined EHang in July 2014 as a core member of the founding team. Under Mr. Hu’s strategic guidance and technical philosophy, he has played a critical role in and led the development of, multiple pilotless human-carrying eVTOLs products, including the EH184, the EH216-S, and the VT35, as well as the GD series aerial formation UAVs. These innovations pioneered commercialization in global pilotless AAM and aerial media performance applications.

 

In addition, as the Company has entered a new phase of commercialization, and in alignment with Mr. Hu’s full-industry-chain integration strategy, Mr. Feng has in recent years taken on key responsibilities in building EHang’s procurement and supply chain management systems. By strengthening upstream and downstream coordination, enhancing productization efficiency, and advancing deep industry-chain integration and regional ecosystem development, he has significantly enhanced EHang’s capabilities for key components R&D and scaled manufacturing. Currently, Mr. Feng also serves as the Company’s Compliance Officer, continuously upholding EHang’s development principles of “safety, compliance, innovation, and sustainability” through his cross-functional leadership roles.

 

Mr. Feng graduated from Tsinghua University in Automation major, where he specialized UAV technology and was awarded the Grand Prize in the University’s prestigious 29th “Challenge Cup” competition, among other honors. He currently serves as Deputy Director of the Tsinghua-EHang Joint Research Institute for Low-Altitude Aviation Technology, Deputy Secretary-General of the Aerospace, Aviation, and Smart Manufacturing Committee of the Tsinghua University Guangzhou Alumni Association, and Secretary-General of the Tsinghua University Future Robotics Interest Group. His academic background and industry influence will further support the execution and deepening of the Company’s technology strategy.

 

Mr. Huazhi Hu stated, “Since the early days of the Company, Mr. Feng has worked closely under my direct leadership and has been deeply involved in the buildup of EHang’s technology system. He has consistently upheld our core technology philosophy and has made significant contributions by precisely executing our strategic direction across critical stages across R&D, manufacturing, and certification. As EHang enters a new phase of commercial operations and global expansion, appointing Mr. Feng’s as CTO is a further step to ensure continuity of our core technology strategy and talent development philosophy. Under my overall direction and guidance, he will further integrate technology, production, and supply chain resources, ensure strategic alignment and disciplined execution, and supporting EHang’s long-term vision of building safe, scalable, and sustainable AAM solutions.”

 

Mr. Shuai Feng commented, “I would like to sincerely thank the Board and the management team for their trust and especially express my deep gratitude to Mr. Hu for his personal mentorship, guidance, and confidence over the past decade. I have witnessed EHang’s journey from early innovation to commercial deployment under Mr. Hu’s technology-driven strategy, and have gained a deep understanding of the Company’s core technical philosophy and long-term vision. Looking ahead, I will continue to take Mr. Hu’s technology principles as my guide, strictly adhere to the Company’s established technology strategy, and work closely with the team to integrate technology development with manufacturing and quality control. I am committed to improving execution and production efficiency, further supporting the Company’s continued technology innovation and industrial implementation with a strong sense of responsibility.”

 

About EHang

EHang (Nasdaq: EH) is the world’s leading advanced air mobility (“AAM”) technology platform company, committed to making safe, autonomous, and eco-friendly air mobility accessible to everyone. The company develops and manufactures a diversified portfolio of pilotless electric vertical take-off and landing (“eVTOL”) aircraft for a wide range of use cases, including aerial tourism, intra-city transport, intercity travel, logistics and emergency firefighting. Its flagship model, EH216-S, has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China, and is now commercially operated under the country’s first Air Operator Certificates for human-carrying eVTOL services. Complementing this, EHang’s VT35 expands its reach into long-range and intercity scenarios, supporting the development of a multi-tiered low-altitude mobility network. By integrating advanced autonomous technologies with scalable operational infrastructure, EHang is redefining how people and goods move—across cities, regions, and natural barriers—shaping the future of air mobility. For more information, please visit www.ehang.com.

 

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Generated Record Revenue and 5% Positive Operating Leverage

Increases Planned Share Repurchases

Fourth Quarter 2025 net income was $2.0 Billion, $4.88 Diluted EPS

Grew NII, NIM and noninterest income; increased loans and deposits

Closed FirstBank Acquisition on Jan. 5, 2026

PITTSBURGH, Jan. 16, 2026 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) today reported:

From Bill Demchak, PNC Chairman and Chief Executive Officer:
“By virtually all measures, 2025 was a successful year. Strong execution across all business lines resulted in record revenue, well controlled expenses and 21% earnings per share growth. We’re entering 2026 with great momentum and are excited about the opportunities in front of us, including the recently closed acquisition of FirstBank.”

Acquisition of FirstBank

• On January 5, 2026, PNC completed its acquisition of FirstBank Holding Company, including its banking subsidiary FirstBank. As of close, FirstBank had $26 billion of assets, $16 billion of loans and $23 billion of deposits. Effective January 5, 2026, FirstBank’s financial results are included in PNC’s consolidated operations and will be reported in PNC’s first quarter 2026 results.

Income Statement Highlights

Fourth quarter 2025 compared with third quarter 2025

• Total revenue of $6.1 billion increased $156 million, or 3%, driven by records in both net interest income and fee income.
  • Net interest income of $3.7 billion increased $83 million, or 2%, and included the impact of lower funding costs, loan growth and the continued benefit of fixed rate asset repricing. 
    • Net interest margin increased 5 basis points to 2.84%.
  • Fee income of $2.1 billion increased $54 million, or 3%, driven by higher capital markets and advisory activity.
  • Other noninterest income of $217 million increased $19 million reflecting higher private equity revenue, partially offset by negative $41 million of Visa derivative adjustments primarily due to litigation escrow funding. Visa derivative adjustments were negative $35 million in the third quarter.
• Noninterest expense of $3.6 billion increased $142 million, or 4%, driven by increased business activity and seasonality. 
• Provision for credit losses was $139 million in the fourth quarter.  
• The effective tax rate was 12.7% for the fourth quarter and 20.3% for the third quarter. The lower effective tax rate reflected favorable resolution of several tax matters.

Balance Sheet Highlights

Fourth quarter 2025 compared with third quarter 2025 or December 31, 2025 compared with September 30, 2025

• Average loans of $327.9 billion increased $2.0 billion, or 1%, driven by growth in commercial loans, primarily within the commercial and industrial portfolio. Average consumer loans were stable as growth in both the auto and credit card loan portfolios was offset by declines in residential real estate loans.
• Credit quality performance:
  • Delinquencies of $1.4 billion increased $210 million, or 17%, due to higher commercial and consumer loan delinquencies.
  • Total nonperforming loans of $2.2 billion increased $81 million, or 4%, as higher commercial and industrial nonperforming loans more than offset declines in commercial real estate nonperforming loans.
  • Net loan charge-offs of $162 million decreased $17 million due to lower consumer and commercial net loan charge-offs.
  • The allowance for credit losses of $5.2 billion decreased $0.1 billion. The allowance for credit losses to total loans was 1.58% at December 31, 2025 and 1.61% at September 30, 2025.
• Average investment securities of $142.2 billion decreased $2.2 billion, or 2%, reflecting net paydowns and maturities in the held-to-maturity portfolio.
• Average deposits of $439.5 billion increased $7.7 billion, or 2%, driven by growth in both commercial and consumer client accounts and activity, partially offset by lower brokered time deposits.
• PNC maintained a strong capital and liquidity position:
  • On January 5, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $1.70 per share to be paid on February 5, 2026 to shareholders of record at the close of business January 20, 2026.
  • PNC returned $1.1 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.4 billion of common share repurchases.
  • Share repurchase activity in the first quarter of 2026 is expected to approximate $600 million to $700 million.
  • The Basel III common equity tier 1 capital ratio was an estimated 10.6% at December 31, 2025 and was 10.7% at September 30, 2025.
  • PNC’s average LCR for the three months ended December 31, 2025 was 108%, exceeding the regulatory minimum requirement throughout the quarter.

The Consolidated Financial Highlights accompanying this news release include additional information regarding reconciliations of non-GAAP financial measures to reported (GAAP) amounts. This information supplements results as reported in accordance with GAAP and should not be viewed in isolation from, or as a substitute for, GAAP results. Information in this news release, including the financial tables, is unaudited.

Total revenue for the fourth quarter of 2025 increased $156 million compared to the third quarter of 2025 and $504 million compared to the fourth quarter of 2024, driven by growth in both net interest income and noninterest income in each period.

Net interest income of $3.7 billion increased $83 million from the third quarter of 2025 and $208 million from the fourth quarter of 2024. In both comparisons, the increase included the impact of lower funding costs, loan growth and the continued benefit of fixed rate asset repricing.

Net interest margin was 2.84% in the fourth quarter of 2025, increasing 5 basis points and 9 basis points from the third quarter of 2025 and fourth quarter of 2024, respectively, reflecting the benefit of fixed rate asset repricing.

Noninterest income for the fourth quarter of 2025 increased $73 million, or 3%, compared with the third quarter of 2025. Asset management and brokerage fees increased $7 million driven by higher average equity markets and increased client activity. Capital markets and advisory revenue increased $57 million primarily due to an increase in merger and acquisition advisory activity. Lending and deposit services increased $7 million and included higher loan commitment fees. Residential and commercial mortgage revenue decreased $13 million driven by lower residential mortgage servicing rights valuation, net of economic hedge. Other noninterest income increased $19 million reflecting higher private equity revenue, partially offset by negative $41 million of Visa derivative adjustments primarily due to litigation escrow funding. Visa derivative adjustments were negative $35 million in the third quarter of 2025.

Noninterest income for the fourth quarter of 2025 increased $296 million, or 14%, from the fourth quarter of 2024. Fee income increased $254 million, or 14%, reflecting strong momentum across all business lines and fee income categories. Other noninterest income increased $42 million and included increased private equity revenue, partially offset by higher negative Visa derivative adjustments. Visa derivative adjustments were negative $41 million in the fourth quarter of 2025 compared to negative $23 million in the fourth quarter of 2024.

Noninterest expense for the fourth quarter of 2025 increased $142 million compared to the third quarter of 2025 and $97 million compared with the fourth quarter of 2024. In both comparisons, the increase was driven by increased business activity. Compared to the third quarter of 2025, the increase also reflected the impact of seasonality.

The effective tax rate was 12.7% for the fourth quarter of 2025 and reflected favorable resolution of several tax matters. The effective tax rate was 20.3% for the third quarter of 2025 and 14.6% for the fourth quarter of 2024.

Average loans for the fourth quarter of 2025 increased $2.0 billion compared to the third quarter of 2025 and $8.9 billion compared to the fourth quarter of 2024.

Average commercial loans increased $2.1 billion and $10.3 billion compared to the third quarter of 2025 and the fourth quarter of 2024, respectively, driven by growth in the commercial and industrial portfolio, partially offset by continued runoff in commercial real estate loans.

Average consumer loans were stable compared to the third quarter of 2025 as growth in both the auto and credit card loan portfolios was offset by declines in residential real estate loans. In comparison to the fourth quarter of 2024, average consumer loans decreased due to declines in residential real estate loans, partially offset by growth in the auto loan portfolio.

 Loans at December 31, 2025 increased $4.9 billion and $15.0 billion from September 30, 2025 and December 31, 2024, respectively.

Average investment securities of $142.2 billion in the fourth quarter of 2025 decreased $2.2 billion compared to the third quarter of 2025 and $1.6 billion compared to the fourth quarter of 2024. In both comparisons, the decrease reflected net paydowns and maturities in the held-to-maturity portfolio.

The duration of the investment securities portfolio was 3.5 years as of December 31, 2025, 3.4 years as of September 30, 2025 and 3.5 years as of December 31, 2024. Net unrealized losses on available-for-sale securities were $1.8 billion at December 31, 2025, $2.1 billion at September 30, 2025 and $3.5 billion at December 31, 2024. 

Fourth quarter 2025 average deposits of $439.5 billion increased $7.7 billion compared to the third quarter of 2025 and $14.3 billion compared to the fourth quarter of 2024, driven by growth in both commercial and consumer client accounts and activity, partially offset by lower brokered time deposits.

Average borrowed funds of $60.3 billion in the fourth quarter of 2025 decreased $6.0 billion compared to the third quarter of 2025 and $6.9 billion compared to the fourth quarter of 2024. In both comparisons, the decrease reflected lower Federal Home Loan Bank advances.

PNC maintained a strong capital position. Common shareholders’ equity at December 31, 2025 increased $1.6 billion from September 30, 2025 due to net income and an improvement in accumulated other comprehensive income, partially offset by dividends paid and share repurchases.

As a Category III institution, PNC has elected to exclude accumulated other comprehensive income related to both available-for-sale securities and pension and other post-retirement plans from CET1 capital. Accumulated other comprehensive income of negative $3.4 billion at December 31, 2025 improved from negative $4.1 billion at September 30, 2025 and negative $6.6 billion at December 31, 2024. The change in each comparison reflected the favorable impact of interest rate movements on securities and swaps and the continued accretion of unrealized losses.

In the fourth quarter of 2025, PNC returned $1.1 billion of capital to shareholders, reflecting $0.7 billion of dividends on common shares and $0.4 billion of common share repurchases. The Stress Capital Buffer (SCB) framework permits capital return in amounts in excess of SCB minimum levels. Consistent with this framework, PNC had approximately 35% of the 100 million common shares still available for repurchase at December 31, 2025 under the repurchase program previously approved by our board of directors.

Share repurchase activity in the first quarter of 2026 is expected to approximate $600 million to $700 million. PNC may adjust share repurchase activity depending on market and economic conditions, as well as other factors.

PNC’s SCB for the four-quarter period beginning October 1, 2025 is the regulatory minimum of 2.5%. On January 5, 2026, the PNC board of directors declared a quarterly cash dividend on common stock of $1.70 per share to be paid on February 5, 2026 to shareholders of record at the close of business January 20, 2026.

At December 31, 2025, PNC was considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements. For additional information regarding PNC’s Basel III capital ratios, see Capital Ratios in the Consolidated Financial Highlights.

Provision for credit losses was $139 million in the fourth quarter of 2025, $167 million in the third quarter of 2025 and $156 million in the fourth quarter of 2024.

Net loan charge-offs were $162 million in the fourth quarter of 2025, decreasing $17 million compared to the third quarter of 2025 due to lower consumer and commercial net loan charge-offs. Compared to the fourth quarter of 2024, net loan charge-offs decreased $88 million driven by lower commercial real estate net loan charge-offs.

The allowance for credit losses was $5.2 billion at December 31, 2025 as well as at December 31, 2024, and $5.3 billion at September 30, 2025. The allowance for credit losses as a percentage of total loans was 1.58% at December 31, 2025, 1.61% at September 30, 2025 and 1.64% at December 31, 2024.

 Delinquencies at December 31, 2025 were $1.4 billion, increasing $210 million from September 30, 2025, due to higher commercial and consumer loan delinquencies. Compared to December 31, 2024, delinquencies increased $61 million as a result of higher commercial loan delinquencies, partially offset by lower consumer loan delinquencies.

Nonperforming loans were $2.2 billion at December 31, 2025 increasing $81 million compared to September 30, 2025 as higher commercial and industrial nonperforming loans more than offset declines in commercial real estate nonperforming loans. Compared to December 31, 2024, nonperforming loans decreased $108 million driven by lower commercial real estate nonperforming loans.

 

Retail Banking Highlights

Fourth quarter 2025 compared with third quarter 2025

• Earnings decreased 6%, primarily due to higher noninterest expense and a higher provision for credit losses as well as lower net interest income and noninterest income.
  • Noninterest income decreased 3%, primarily reflecting lower residential mortgage servicing rights valuation, net of economic hedge.
  • Noninterest expense increased 2%, and included the impact of seasonality and technology investments.
  • Provision for credit losses of $155 million in the fourth quarter of 2025 reflected portfolio activity.
• Average loans were stable as growth in the auto, commercial and credit card loan portfolios was offset by lower residential real estate loans.
• Average deposits were stable.

Fourth quarter 2025 compared with fourth quarter 2024

• Earnings increased 15%, driven by higher net interest income and noninterest income as well as lower noninterest expense, partially offset by a higher provision for credit losses.
  • Noninterest income increased 9%, primarily due to higher residential mortgage revenue and increased credit card and brokerage fees. 
  • Noninterest expense decreased 2%, primarily due to asset impairments recognized in the fourth quarter of 2024.
• Average loans decreased 2%, as growth in the auto loan portfolio was more than offset by lower residential real estate and commercial loans.
• Average deposits increased 2%, primarily due to higher consumer time, money market and savings deposits.

Corporate & Institutional Banking Highlights

Fourth quarter 2025 compared with third quarter 2025

• Earnings increased 4%, reflecting higher net interest income and noninterest income as well as a lower provision for credit losses, partially offset by higher noninterest expense.
  • Noninterest income increased 7%, driven by higher merger and acquisition advisory activity.
  • Noninterest expense increased 13%, primarily due to higher variable compensation associated with increased business activity.
• Average loans increased 1%, driven by growth in PNC’s corporate banking business, partially offset by a decline in the PNC real estate business.
• Average deposits increased 6%, reflecting growth in corporate client accounts and activity.

Fourth quarter 2025 compared with fourth quarter 2024

• Earnings increased 11%, driven by higher net interest income and noninterest income as well as a lower provision for credit losses, partially offset by higher noninterest expense.
  • Noninterest income increased 13%, driven by higher capital markets and advisory fees, including increased merger and acquisition advisory fees, and growth in treasury management product revenue.
  • Noninterest expense increased 13%, reflecting higher variable compensation associated with increased business activity.
• Average loans increased 5%, driven by growth in PNC’s corporate banking and business credit businesses, partially offset by a decline in the PNC real estate business.
• Average deposits increased 8%, reflecting growth in corporate client accounts and activity.

Asset Management Group Highlights

Fourth quarter 2025 compared with third quarter 2025

• Earnings increased 3%, due to a provision recapture as well as higher noninterest income and net interest income, partially offset by increased noninterest expense.
  • Noninterest income increased 2%, primarily driven by higher average equity markets and positive net flows.
  • Noninterest expense increased 7%, and included higher variable compensation associated with increased business activity.
• Discretionary client assets under management increased 3%, and included positive net flows and higher spot equity markets.
• Average loans and deposits were stable.

Fourth quarter 2025 compared with fourth quarter 2024

• Earnings increased 27%, due to higher net interest income and noninterest income, as well as a provision recapture, partially offset by higher noninterest expense.
  • Noninterest income increased 7%, reflecting higher average equity markets.
  • Noninterest expense increased 6%, due to continued investments to support business growth.
• Discretionary client assets under management increased 11%, driven by higher spot equity markets and positive net flows.
• Average loans and deposits were stable.

Other

The “Other” category, for the purposes of this release, includes residual activities that do not meet the criteria for disclosure as a separate reportable business, such as asset and liability management activities, including net securities gains or losses, ACL for investment securities, certain trading activities, certain runoff consumer loan portfolios, private equity investments, intercompany eliminations, corporate overhead net of allocations, tax adjustments that are not allocated to business segments, exited businesses and the residual impact from funds transfer pricing operations.

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION

PNC Chairman and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will hold a conference call for investors today at 9:00 a.m. Eastern Time regarding the topics addressed in this news release and the related earnings materials. Dial-in numbers for the conference call are (866) 604-1697 and (215) 268-9875 (international) and Internet access to the live audio listen-only webcast of the call is available at www.pnc.com/investorevents. PNC’s fourth quarter 2025 earnings materials to accompany the conference call remarks will be available at www.pnc.com/investorevents prior to the beginning of the call. A telephone replay of the call will be available for 30 days at (877) 660-6853 and (201) 612-7415 (international), Access ID 13753963 and a replay of the audio webcast will be available on PNC’s website for 30 days.

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:
Kristen Pillitteri
(412) 762-4550
media.relations@pnc.com

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com

 [TABULAR MATERIAL FOLLOWS]

 

 

CAPITAL RATIOS

PNC’s regulatory risk-based capital ratios in 2025 are calculated using the standardized approach for determining risk-weighted assets. Under the standardized approach for determining credit risk-weighted assets, exposures are generally assigned a pre-defined risk weight. Exposures to high volatility commercial real estate, past due exposures and equity exposures are generally subject to higher risk weights than other types of exposures.

PNC elected a five-year transition provision effective March 31, 2020 to delay until December 31, 2021 the full impact of the CECL standard on regulatory capital, followed by a three-year transition period. Effective for the first quarter of 2022, PNC entered a three-year transition period, and the full impact of the CECL standard was phased-in to regulatory capital through December 31, 2024. Beginning in the first quarter of 2025, CECL is fully reflected in regulatory capital. See the table below for the September 30, 2025, December 31, 2024 and estimated December 31, 2025 ratios.

Our Basel III capital ratios may be impacted by changes to the regulatory capital rules and additional regulatory guidance or analysis.

 

Fee income is a non-GAAP measure and is comprised of noninterest income in the following categories: asset management and brokerage, capital markets and advisory, card and cash management, lending and deposit services, and residential and commercial mortgage. We believe this non-GAAP measure serves as a useful tool for comparison of noninterest income related to fees.

Pretax pre-provision earnings is a non-GAAP measure and is based on adjusting income before income taxes and noncontrolling interests to exclude provision for credit losses. We believe that pretax, pre-provision earnings is a useful tool to help evaluate the ability to provide for credit costs through operations and provides an additional basis to compare results between periods by isolating the impact of provision for credit losses, which can vary significantly between periods.

Tangible book value per common share is a non-GAAP 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.

The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis 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 GAAP. Taxable-equivalent net interest income is only used for calculating net interest margin. Net interest income shown elsewhere in this presentation is GAAP net interest income.

Cautionary Statement Regarding Forward-Looking Information

We make statements in this news release and related conference call, and we may from time to time make other statements, regarding our outlook for financial performance, such as earnings, revenues, expenses, tax rates, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting us and our future business and operations, including our sustainability strategy, 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 necessarily subject to numerous assumptions, risks and uncertainties, which change over time. 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 speak only as of the date made. We do not assume any duty and do not undertake any obligation 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. As a result, we caution against placing undue reliance on any forward-looking statements.

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:
  • 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, market interest rates and inflation,
  • Changes in customer behavior due to changing business and economic conditions or legislative or regulatory initiatives,
  • Changes in customers’, suppliers’ and other counterparties’ performance and creditworthiness,
  • Impacts of sanctions, tariffs and other trade policies of the U.S. and its global trading partners,
  • Impacts of changes in federal, state and local governmental policy, including on the regulatory landscape, capital markets, taxes, infrastructure spending and social programs,
  • Our ability to attract, recruit and retain skilled employees, and
  • Commodity price volatility.
• 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. These statements are based on our views that:
  • PNC’s baseline forecast remains for continued expansion, but slower economic growth in 2026 than in 2024 and 2025. Tariffs remain a drag on consumer spending and business investment, while AI-related capex and wealth effects have been key supports to growth. Consumer spending growth is slowing to a pace more consistent with household income growth. The One Big Beautiful Bill will be a net positive for economic growth in 2026.
  • The baseline forecast anticipates real GDP growth slowing to around 2% in 2026, with continued modest job gains and the unemployment rate at around 4.5%. Tariffs remain a risk to the outlook, and a reversal in sentiment around AI or a large decline in equity prices would be drags. Weaker labor force growth could lead to weaker long-run growth.
  • Our baseline forecast is for the Federal Reserve to go on hold at the upcoming January meeting and stay on hold for the first half of this year. We expect modest additional easing in the second half of the year and expect 25 basis points cuts at the Federal Open Market Committee meetings in July and September 2026, resulting in a federal funds rate in the range of 3.00% to 3.25% by the fall. However, there are two-sided risks to this outlook: (1) if inflation re-accelerates or proves more persistent than expected, the Federal Reserve may cut less or (2) if growth falters or recession emerges, easing could be deeper and more prolonged.
• PNC’s ability to take certain capital actions, including returning capital to shareholders, is subject to PNC meeting or exceeding minimum capital levels, including a stress capital buffer established by the Federal Reserve Board in connection with the Federal Reserve Board’s Comprehensive Capital Analysis and Review (CCAR) process.
• PNC’s regulatory capital ratios in the future will depend on, among other things, PNC’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 and the reliability of and risks resulting from extensive use of such 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 employees. These developments could include:
  • Changes to laws and regulations, including changes affecting oversight of the financial services industry, changes in the enforcement and interpretation of such laws and regulations, and changes in accounting and reporting standards.
  • Unfavorable resolution of legal proceedings or other claims and regulatory and other governmental investigations or other inquiries resulting in monetary losses, costs, or alterations in our business practices, and potentially causing reputational harm to PNC.
  • Results of the regulatory examination and supervision process, including our failure to satisfy requirements of agreements with governmental agencies.
  • Costs associated with obtaining rights in intellectual property claimed by others and of adequacy of our intellectual property protection in general.
• 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.
• Our reputation and business and operating results may be affected by our ability to appropriately meet or address environmental, social or governance targets, goals, commitments or concerns that may arise.
• 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, the integration of the acquired businesses into PNC after closing or any failure to execute strategic or operational plans.
• 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 manmade, natural and other disasters (including severe weather events), health emergencies, dislocations, geopolitical instabilities or events, terrorist activities, system failures or disruptions, security breaches, cyberattacks, international hostilities, or other extraordinary events beyond PNC’s control through impacts on the economy and financial markets generally or on us or our counterparties, customers or third-party vendors and service providers specifically.

We provide greater detail regarding these as well as other factors in our most recent Form 10-K and in any subsequent Form 10-Qs, including in the Risk Factors and Risk Management sections and the Legal Proceedings and Commitments Notes of the Notes To Consolidated Financial Statements in those reports, and in our other 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.

 

SOURCE The PNC Financial Services Group, Inc.

Katie-Ann Wilson

Managing Director, DMI

OMFIF

Katie-Ann Wilson is Managing Director, Digital Monetary Institute at OMFIF. She is responsible for leading and managing the team to deliver the institute’s overall business objectives through a pipeline of publications and events. Katie-Ann develops the editorial scope across these projects and supports senior engagement with central banks, regulators, financial services, and technology providers. She also contributes to the corporate leadership of the entire business.

Prior to joining OMFIF, she worked at King’s College London, supporting the social science and public policy faculty on research submissions to higher education funding bodies. Before this, she worked as a grant writer for a non-governmental organisation in Israel.

Katie-Ann holds an MA in International Political Economy (distinction) from King’s College London and a BA (Hons) in International Relations from the University of Leeds.

This article provides an overview of the key highlights of the New Arbitration Law.

On 12 September 2025, the National People’s Congress of China voted to adopt the newly revised Arbitration Law of the People’s Republic of China (the “PRC”) (hereinafter referred to as the “New Arbitration Law”). The New Arbitration Law will come into effect on 1 March 2026 and marks a significant update to China’s arbitration system, being the first substantial revision since the Arbitration Law was enacted in 1994. It is envisaged that the New Arbitration Law will enhance China’s attractiveness as a leading choice for international arbitration by aligning its arbitral landscape more closely with international standards.

The Legal Effect of Online Arbitration Formally Recognised

Article 11 of the New Arbitration Law states: “Arbitration activities may be conducted online through the information network, except where the parties expressly disagree.”

Although online arbitrations in China are not a new practice, this revision formally affirms that online arbitrations have the same legal effect as offline arbitrations. Since the COVID-19 epidemic, online arbitration has become an increasingly popular feature of China’s arbitration system. Online arbitrations are convenient but have also proven to save time and costs for the parties, thus improving the efficiency of arbitral services.

Article 11 also makes online arbitrations the default proceedings, with parties able to opt out if they expressly disagree. If there are limited case information and documents, online arbitration may be a more cost effective way to proceed; however, if the case is complex with a large volume of documents, offline arbitration may be preferable.

Protecting Arbitration Agreements

Article 27 of the New Arbitration Law states that “if one party claims that there is an arbitration agreement when applying for arbitration, and the other party does not deny it before the first hearing, it shall be deemed that there is an arbitration agreement between the parties after being prompted and recorded by the arbitration tribunal.” Prior to this amendment, if the underlying contract did not contain an arbitration clause, arbitration was only possible after the parties made a separate written arbitration agreement, which could be impractical in certain scenarios. This amendment strengthens arbitration agreements by limiting opportunities for tactical challenges to their validity and, consequently, to arbitral awards.

Flexible Service in Arbitration

Article 41 of the New Arbitration Law stipulates that “arbitration documents shall be served in a reasonable manner agreed upon by the parties, and if the parties have not agreed or the agreement is not clear, they shall be served in the manner prescribed by the arbitration rules.”

In previous arbitration cases, if the parties agreed to designate an email address as the way of service of legal documents, the Arbitration Commission could still regard the registered address of a legal person as the address for service of legal documents in accordance with its arbitration rules. In addition, because the registered address of the legal person is often not the actual place of business, the parties would fail to receive the relevant documents sent by the Arbitration Commission, resulting in the parties not receiving the documents in time. Such a scenario could lead to the deprivation of procedural rights, such as the right to defend, the right of cross-examination, the right to apply for setting off the arbitration award etc.

Following the implementation of the New Arbitration Law, the service of arbitral documents will be more flexible.

Ad hoc Arbitration Confirmed for the First Time

Article 82 of the new Arbitration Law states: “For foreign-related maritime disputes or disputes arising between enterprises registered in the pilot free trade zones established with the approval of the State Council, Hainan Free Trade Port and other areas prescribed by the State, if the parties agree in writing to arbitrate, they may choose to arbitrate by an arbitration institution. Parties may also choose to arbitrate by persons who meet the requirements of this Law within the People’s Republic of China as the place of arbitration and shall conduct the arbitration in accordance with the agreed arbitration rules.”

As an international practice, ad hoc arbitration is prevalent in the international community and is recognized by laws and international conventions across jurisdictions. The new Arbitration Law introduces the ad hoc arbitration mechanism, allowing the use of ad hoc arbitration in foreign-related disputes between enterprises involved in “foreign-related maritime disputes” or within “free trade pilot zones”, “Hainan free trade port and other areas stipulated by the state”.

The addition of “ad hoc arbitration” is a breakthrough in China’s arbitration system, which may further integrate China’s foreign-related arbitration system with international practices and enhance the international attractiveness of China’s arbitration.

Legal Framework for Foreign Arbitral Institutions Administering Arbitration in the PRC

Article 86 of the New Arbitration Law expressly allows, upon approval, foreign arbitral institutions to set up offices and administer foreign-related arbitrations in pilot free trade zones, the Hainan Free Trade Port, and other areas. This amendment provides clarity on the status of foreign arbitral institutions in the PRC by creating a legal basis for their presence.

Conclusion

Overall, the New Arbitration Law’ s amendments should strengthen the efficiency and adaptability of arbitration procedures in the PRC, thereby enabling the arbitration framework to more effectively accommodate the requirements of diverse market participants domestically and internationally.

This article was originally published on Daily Jus on Friday 16th of January, with thanks to Jus Mundi & Jus Connect.

India’s aviation watchdog has launched an investigation after an Air India plane’s engine sucked in a cargo container while taxiing at the Delhi airport.

No-one was hurt, but the aircraft’s engine was damaged and it has been grounded for repairs.

The New York-bound Airbus A350 had returned to Delhi shortly after take-off on Thursday after Iran temporarily closed its airspace, forcing airlines to reroute flights.

After landing safely, the aircraft had left the runway and was taxiing to the parking bay with passengers on board when the cargo container was sucked into its right engine. Visibility was “marginal” due to dense fog at the time, the aviation regulator said.

There were around 240 passengers in the aircraft when the container was sucked in, a source from Air India told the BBC. The exact number of crew members could not be ascertained but the source added it could be between six and eight people.

According to India’s ministry of civil aviation, the incident occurred on Thursday around 05:25 local time (23:55 GMT on Wednesday) as the aircraft was taxiing towards the apron area, where aircraft are parked, loaded, unloaded and refuelled.

The cargo container had accidentally fallen from a ground vehicle “onto the taxiway intersection”, it added.

An Air India spokesperson added that the container fell after a wheel came off a cart that was being towed by a vehicle used to move luggage and cargo around the airport. The vehicle operator noticed the aircraft taxiing in and left the area with the remaining cargo.

“However, the container which fell was left behind and it got ingested into the No. 2 engine of the aircraft,” Air India added.

The Directorate General of Civil Aviation (DGCA) said metal debris was later cleared from the taxiway, and the aircraft was towed and parked at a designated stand. It added that it has launched a detailed investigation into the incident.

Photos shared by DGCA on X show damage to the aircraft’s engine casing and fan blades, as well as debris lying on the taxiway.

The incident adds to scrutiny around ground safety at India’s busy airports.

In June last year, the DGCA flagged significant safety lapses at major Indian airports and airlines, finding issues such as faded runway markings, faulty simulator training, crew fatigue, inadequate maintenance and unauthorised cockpit access.

Air India has also warned of “potential disruptions on select A350 routes” as the aircraft is grounded.

Air India operates six Airbus A350 aircraft on long-haul routes, including services to London and New York, Reuters reported. The airline hasn’t specified which routes might be affected.

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