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 |
2004 |
2003 |
2002 |
2001 |
2000 |
|||||||||||||||
| Earnings | ||||||||||||||||||||
| Income from continuing operations before taxes |
$ | 1,735 | $ | 1,568 | $ | 1,821 | $ | 564 | $ | 1,848 | ||||||||||
| Fixed charges excluding interest on deposits |
357 | 346 | 432 | 762 | 1,032 | |||||||||||||||
| Subtotal |
2,092 | 1,914 | 2,253 | 1,326 | 2,880 | |||||||||||||||
| Interest on deposits |
484 | 457 | 659 | 1,229 | 1,653 | |||||||||||||||
| Total |
$ | 2,576 | $ | 2,371 | $ | 2,912 | $ | 2,555 | $ | 4,533 | ||||||||||
| Fixed charges | ||||||||||||||||||||
| Interest on borrowed funds |
$ | 298 | $ | 258 | $ | 315 | $ | 645 | $ | 914 | ||||||||||
| Interest component of rentals |
58 | 59 | 58 | 53 | 50 | |||||||||||||||
| Amortization of notes and debentures |
1 | 1 | 1 | 1 | 1 | |||||||||||||||
| Distributions on mandatorily redeemable capital securities of subsidiary trusts |
0 | 28 | 58 | 63 | 67 | |||||||||||||||
| Subtotal |
357 | 346 | 432 | 762 | 1,032 | |||||||||||||||
| Interest on deposits |
484 | 457 | 659 | 1,229 | 1,653 | |||||||||||||||
| Total |
$ | 841 | $ | 803 | $ | 1,091 | $ | 1,991 | $ | 2,685 | ||||||||||
| Ratio of earnings to fixed charges | ||||||||||||||||||||
| Excluding interest on deposits |
5.86 | x | 5.53 | x | 5.22 | x | 1.74 | x | 2.79 | x | ||||||||||
| Including interest on deposits |
3.06 | 2.95 | 2.67 | 1.28 | 1.69 | |||||||||||||||