EXHIBIT 12.1
THE PNC FINANCIAL SERVICES GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
Nine months ended Year ended December 31
September 30 ------------------------------------------------------------------
Dollars in millions 2002 2001 2000 1999 1998 1997
- ---------------------------------------------------------------- ------------- ------------- ----------- ------------ ------------
EARNINGS
Income from continuing operations before taxes $ 1,398 $ 564 $ 1,848 $ 1,788 $ 1,651 $ 1,595
Fixed charges excluding interest on deposits 336 763 1,033 980 1,159 1,080
--------------- ------------ ----------- --------- ---------- ------------
Subtotal 1,734 1,327 2,881 2,768 2,810 2,675
Interest on deposits 510 1,229 1,653 1,369 1,471 1,457
--------------- ------------ ----------- --------- ---------- -----------
Total $ 2,244 $ 2,556 $ 4,534 $ 4,137 $ 4,281 $ 4,132
=============== ============ =========== ========= ========== ===========
FIXED CHARGES
Interest on borrowed funds $ 248 $ 646 $ 915 $ 870 $ 1,065 $ 1,010
Interest component of rentals 43 53 50 44 33 26
Amortization of notes and debentures 1 1 1 1 1 1
Distributions on Mandatorily Redeemable
Capital Securities of Subsidiary Trusts 44 63 67 65 60 43
--------------- ------------ ----------- --------- ---------- ----------
Subtotal 336 763 1,033 980 1,159 1,080
Interest on deposits 510 1,229 1,653 1,369 1,471 1,457
--------------- ------------ ----------- --------- ---------- ---------
Total $ 846 $ 1,992 $ 2,686 $ 2,349 $ 2,630 $ 2,537
=============== ============ =========== ========= ========== =========
RATIO OF EARNINGS TO FIXED CHARGES
Excluding interest on deposits 5.16 x 1.74 x 2.79 x 2.82 x 2.42 x 2.48 x
Including interest on deposits 2.65 1.28 1.69 1.76 1.63 1.63
====================================================================================================================================