EXHIBIT 12.1
 
The PNC Financial Services Group, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
Year Ended December 31
Dollars in millions
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees
$
2,736

 
$
4,510

 
$
4,642

 
$
4,860

 
$
4,993

 
$
5,148

Add:
 
 
 
 
 
 
 
 
 
 
 
Distributed income of equity investees
200

 
352

 
324

 
310

 
275

 
242

Fixed charges excluding interest on deposits
821

 
1,227

 
978

 
796

 
734

 
664

Less:
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges
22

 
57

 
84

 
93

 
96

 
112

Interest capitalized
 
 

 

 
1

 
1

 

Earnings excluding interest on deposits
3,735

 
6,032

 
5,860

 
5,872

 
5,905

 
5,942

Interest on deposits
474

 
623

 
430

 
403

 
325

 
344

Total earnings
$
4,209

 
$
6,655

 
$
6,290

 
$
6,275

 
$
6,230

 
$
6,286

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
Interest on borrowed funds
$
751

 
$
1,082

 
$
830

 
$
640

 
$
581

 
$
516

Interest component of rentals
69

 
144

 
147

 
153

 
152

 
148

Amortization of notes and debentures
1

 
1

 
1

 
2

 

 

Interest capitalized


 

 

 
1

 
1

 

Fixed charges excluding interest on deposits
821

 
1,227

 
978

 
796

 
734

 
664

Interest on deposits
474

 
623

 
430

 
403

 
325

 
344

Total fixed charges
$
1,295

 
$
1,850

 
$
1,408

 
$
1,199

 
$
1,059

 
$
1,008

Ratio of earnings to fixed charges
 
 
 
 
 
 
 
 
 
 
 
Excluding interest on deposits
4.55
x
 
4.92
x
 
5.99
x
 
7.38
x
 
8.04
x
 
8.95
x
Including interest on deposits
3.25

 
3.60

 
4.47

 
5.23

 
5.88

 
6.24


(1)
As defined in Item 503(d) of Regulation S-K