COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES.
Published on March 12, 2004
EXHIBIT 12.1
The PNC Financial Services Group, Inc. and Subsidiaries
Computation of Ratio of Earnings
to Fixed Charges
|
Year ended December 31 |
||||||||||||||||||||
| Dollars in millions |
2003 |
2002 |
2001 |
2000 |
1999 |
|||||||||||||||
| Earnings |
||||||||||||||||||||
| Income from continuing operations before taxes |
$ | 1,568 | $ | 1,821 | $ | 564 | $ | 1,848 | $ | 1,788 | ||||||||||
| Fixed charges excluding interest on deposits |
346 | 432 | 762 | 1,032 | 979 | |||||||||||||||
| Subtotal |
1,914 | 2,253 | 1,326 | 2,880 | 2,767 | |||||||||||||||
| Interest on deposits |
457 | 659 | 1,229 | 1,653 | 1,369 | |||||||||||||||
| Total |
$ | 2,371 | $ | 2,912 | $ | 2,555 | $ | 4,533 | $ | 4,136 | ||||||||||
| Fixed charges |
||||||||||||||||||||
| Interest on borrowed funds |
$ | 258 | $ | 315 | $ | 645 | $ | 914 | $ | 869 | ||||||||||
| Interest component of rentals |
59 | 58 | 53 | 50 | 44 | |||||||||||||||
| Amortization of notes and debentures |
1 | 1 | 1 | 1 | 1 | |||||||||||||||
| Distributions on mandatorily redeemable capital securities of subsidiary trusts |
28 | 58 | 63 | 67 | 65 | |||||||||||||||
| Subtotal |
346 | 432 | 762 | 1,032 | 979 | |||||||||||||||
| Interest on deposits |
457 | 659 | 1,229 | 1,653 | 1,369 | |||||||||||||||
| Total |
$ | 803 | $ | 1,091 | $ | 1,991 | $ | 2,685 | $ | 2,348 | ||||||||||
| Ratio of earnings to fixed charges |
||||||||||||||||||||
| Excluding interest on deposits |
5.53 | x | 5.22 | x | 1.74 | x | 2.79 | x | 2.83 | x | ||||||||||
| Including interest on deposits |
2.95 | 2.67 | 1.28 | 1.69 | 1.76 | |||||||||||||||