BNY Mellon, PNC Financial and US Bancorp Beat Profit Estimates in Q3 2026

Three major U.S. banks reported third-quarter 2026 results on October 15, with Bank of New York Mellon and PNC Financial both beating adjusted earnings estimates while posting double-digit revenue growth, and US Bancorp also topping profit expectations.

Bank of New York Mellon delivered the strongest beat, with adjusted EPS of $2.37 against an estimate of $2.27, up 24% year over year. Revenue came in at $5.68 billion, surpassing the $5.55 billion estimate by $130 million and rising 12% from a year earlier. Net interest income grew 15% to $1.42 billion, fee revenue climbed 12% to $4.08 billion, and the pre-tax margin reached 38.5%. Assets under custody and administration stood at $63.4 trillion at quarter-end, with assets under management at $2.2 trillion. ROTCE hit 29.0% and the CET1 ratio was 10.9%. BNY returned $937 million through share repurchases and $436 million in dividends, bringing its year-to-date total payout ratio to 86%.

PNC Financial posted adjusted EPS of $5.09, beating the $4.92 estimate by $0.17, though revenue of $6.56 billion fell just short of the $6.61 billion consensus. Net interest income rose 15% year over year to $4.21 billion, while fee income grew 4% to $2.14 billion. Average loans expanded 14% to $372.2 billion and average deposits rose 7% to $461.2 billion. Net loan charge-offs increased 44% year over year to $257 million, a metric likely to draw scrutiny. PNC's ROTCE was 18.28% and its CET1 ratio stood at 9.8%. For full-year 2026, PNC guided net interest income growth of approximately 15.5% and total revenue growth of about 13.7%, with share repurchases in the fourth quarter expected to approximate the $600 million completed in the third quarter.

US Bancorp reported EPS of $1.34, ahead of the $1.32 estimate. Net interest income on a fully taxable equivalent basis was $4.49 billion, just below the $4.50 billion forecast, while net interest margin of 2.84% exceeded the 2.81% estimate. The Basel III CET1 ratio came in at 10.8%, in line with expectations.