EXHIBIT 12.1
The PNC Financial Services Group, Inc. and Subsidiaries
Computation of Ratio of Earnings
to Fixed Charges (1)
Six months ended June 30, 2009 | Year Ended December 31 | |||||||||||||||||||||||
Dollars in millions | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Pretax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees | $ | 932 | $ | 1,127 | $ | 1,806 | $ | 3,913 | $ | 1,962 | $ | 1,745 | ||||||||||||
Add: | ||||||||||||||||||||||||
Distributed income of equity investees | 105 | 157 | 124 | 20 | ||||||||||||||||||||
Fixed charges excluding interest on deposits | 824 | 1,076 | 1,267 | 841 | 662 | 357 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Noncontrolling interests in pretax income of subsidiaries that have not incurred fixed charges | 61 | 122 | 101 | 33 | 20 | 10 | ||||||||||||||||||
Interest capitalized | 1 | |||||||||||||||||||||||
Earnings excluding interest on deposits | 1,799 | 2,238 | 3,096 | 4,741 | 2,604 | 2,092 | ||||||||||||||||||
Interest on deposits | 1,020 | 1,485 | 2,053 | 1,590 | 981 | 484 | ||||||||||||||||||
Total earnings | $ | 2,819 | $ | 3,723 | $ | 5,149 | $ | 6,331 | $ | 3,585 | $ | 2,576 | ||||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest on borrowed funds | $ | 754 | $ | 1,004 | $ | 1,197 | $ | 777 | $ | 599 | $ | 298 | ||||||||||||
Interest component of rentals | 69 | 71 | 69 | 64 | 63 | 58 | ||||||||||||||||||
Amortization of notes and debentures | 1 | 1 | 1 | |||||||||||||||||||||
Interest capitalized | 1 | |||||||||||||||||||||||
Fixed charges excluding interest on deposits | 824 | 1,076 | 1,267 | 841 | 662 | 357 | ||||||||||||||||||
Interest on deposits | 1,020 | 1,485 | 2,053 | 1,590 | 981 | 484 | ||||||||||||||||||
Total fixed charges | $ | 1,844 | $ | 2,561 | $ | 3,320 | $ | 2,431 | $ | 1,643 | $ | 841 | ||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||||||
Excluding interest on deposits | 2.18 | x | 2.08 | x | 2.44 | x | 5.64 | x | 3.93 | x | 5.86 | x | ||||||||||||
Including interest on deposits | 1.53 | 1.45 | 1.55 | 2.60 | 2.18 | 3.06 |
(1) | As defined in Item 503(d) of Regulation S-K. |