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 | |||||||||||||||