This excerpt taken from the PNC 8-K filed Mar 23, 2007.
JAMES E. ROHR
CHIEF EXECUTIVE OFFICER
The PNC Financial Services Group delivered remarkable results in 2006, with record reported earnings of $2.6 billion, or $8.73 per diluted share. We executed on our five strategies to win by expanding our customer base, leveraging our market leadership, improving our operating leverage, investing to grow our company and managing risk to drive consistent growth. At the same time, we unlocked a portion of the tremendous value of our BlackRock investment for PNC shareholders and continued our strong support for the community and the environment.
Our business model drove year-over-year net income growth by 14 percent on an adjusted basis*. We grew customers, revenue, average loans and average deposits. At the end of 2006, PNC ranked among the top U.S. banks by deposits and asset size.
Our results, combined with our demonstrated ability to deliver on our promises, established PNC as a great investment. The price of PNC stock increased 20 percent in 2006. That helped push total shareholder return to 24 percent, third highest among our peers for the year. We were first among our peers for the period of Jan. 1, 2004 to Dec. 31, 2006.
All 23,800 PNC employees contributed to these achievements. In 2006, they again demonstrated how they are the key link in the PNC value chain by suggesting new procedures to make banking easier, finding new revenue opportunities and uncovering new ways to reduce expenses on our collective journey to build a great company.