PNC Financial CFO sees reducing share repurchase activity in Q2

On PNC Financial’s Q2 earnings conference call, CEO William Demchak said: "For the past month, we’ve seen market volatility across the broader industry. And while we take this situation seriously and are closely monitoring the environment, it’s important to note that these events have taken place within a few banks with very unique business models. Inside of our company, we really haven’t seen any meaningful impacts from the events of the past month. Our balance sheet remains strong and stable, and we are operating the company in the same way we were at the beginning of March. Ultimately, over time, we expect the dynamics playing out in the banking system today to contribute to changes in the competitive landscape. And while it’s still early innings, we believe that PNC will be a beneficiary from this process. That said, in the near term, we’re not immune to the competitive environment and the deposit dynamics that will ultimately impact our NII in the near term, and Rob is going to cover that in more detail in a second." PNC CFO Rob Reilly added: "During the quarter, we returned $1 billion of capital to shareholders which included $600 million of common dividends and approximately $370 million of share repurchases or 2.4 million shares. Due to market conditions and increased economic uncertainty, we expect to reduce our share repurchase activity in the second quarter. And of course, we’ll continue to monitor this and may adjust share repurchase activity as appropriate."