EXHIBIT 12.1
THE PNC FINANCIAL SERVICES GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
Year ended December 31
Six months ended ------------------------------------------------------------
Dollars in millions June 30, 2002 2001 2000 1999 1998 1997
- ------------------------------------------------------------------ --------- --------- -------- --------- --------
EARNINGS
Income from continuing operations before taxes $966 $564 $1,848 $1,788 $1,651 $1,595
Fixed charges excluding interest on deposits 226 763 1,033 980 1,159 1,080
---------------- ----------- --------- --------- --------- --------
Subtotal 1,192 1,327 2,881 2,768 2,810 2,675
Interest on deposits 348 1,229 1,653 1,369 1,471 1,457
---------------- ----------- --------- --------- --------- ---------
Total $1,540 $2,556 $4,534 $4,137 $4,281 $4,132
================ =========== ========= ========= ========= =========
FIXED CHARGES
Interest on borrowed funds $169 $646 $915 $870 $1,065 $1,010
Interest component of rentals 28 53 50 44 33 26
Amortization of notes and debentures 1 1 1 1 1
Distributions on Mandatorily Redeemable Capital
Securities of Subsidiary Trusts 29 63 67 65 60 43
---------------- ----------- --------- --------- --------- ---------
Subtotal 226 763 1,033 980 1,159 1,080
Interest on deposits 348 1,229 1,653 1,369 1,471 1,457
---------------- ----------- --------- --------- --------- ---------
Total $574 $1,992 $2,686 $2,349 $2,630 $2,537
================ =========== ========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES
Excluding interest on deposits 5.27x 1.74x 2.79x 2.82x 2.42x 2.48x
Including interest on deposits 2.68 1.28 1.69 1.76 1.63 1.63
=================================================================================================================================