Results Of Businesses - Summary for PNC FINANCIAL SERVICES GROUP INC (PNC)

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PNC » Topics » Results Of Businesses - Summary

This excerpt taken from the PNC 10-Q filed Nov 6, 2008.

Results Of Businesses – Summary

(Unaudited)


		Earnings				Revenue				Average Assets (a)
Nine months ended September 30 – in millions	2008		2007		2008		2007		2008		2007
Retail Banking (b)	$	414	$	665	$	2,730	$	2,637	$	46,451	$	40,999
Corporate & Institutional Banking		208		341		1,086		1,139		35,993		28,133
BlackRock		185		176		244		232		4,529		4,152
Global Investment Servicing (c) (d)		97		96		702		617		4,501		2,171
Total business segments		904		1,278		4,762		4,625		91,474		75,455
Other (b) (c) (e)		226		11		752		453		50,180		44,077
Total consolidated	$	1,130	$	1,289	$	5,514	$	5,078	$	141,654	$	119,532

(a)	Period-end balances for BlackRock and Global Investment Servicing.

(b)	Amounts for the periods presented reflect the reclassification of the results of Hilliard Lyons, which we sold on March 31, 2008, and the related gain on sale, from Retail Banking to “Other.”

(c)

For our segment reporting presentation in this Financial Review, after-tax integration costs of $3 million related to Albridge Solutions and Coates Analytics have been reclassified from Global Investment Servicing to “Other” for the first nine months of 2008. “Other” for the first nine months of 2008 also includes $60 million of pretax other integration costs while “Other” for the first nine months of 2007 includes $67 million of pretax integration costs primarily related to Mercantile.

(d)	Global Investment Servicing revenue represents the sum of servicing revenue and nonoperating income (expense) less debt financing costs.

(e)	“Other” average assets are comprised primarily of securities available for sale and residential mortgage loans associated with asset and liability management activities.

This excerpt taken from the PNC 10-Q filed Aug 8, 2008.

Results Of Businesses – Summary

(Unaudited)


		Earnings				Revenue				Average Assets (a)
Six months ended June 30 – in millions	2008		2007		2008		2007		2008		2007
Retail Banking (b)	$	335	$	419	$	1,848	$	1,707	$	46,206	$	39,171
Corporate & Institutional Banking		136		254		724		751		35,575		27,471
BlackRock		129		110		171		143		4,463		4,048
Global Investment Servicing (c) (d)		63		63		465		408		2,606		2,400
Total business segments		663		846		3,208		3,009		88,850		73,090
Other (b) (c) (e)		219		36		652		318		52,123		42,325
Total consolidated	$	882	$	882	$	3,860	$	3,327	$	140,973	$	115,415

(a)	Period-end balances for BlackRock and Global Investment Servicing.

(b)	Amounts for the periods presented reflect the reclassification of the results of Hilliard Lyons, which we sold on March 31, 2008, and the related gain on sale, from Retail Banking to “Other.”

(c)

For our segment reporting presentation in this Financial Review, after-tax integration costs of $2 million related to Albridge Solutions and Coates Analytics have been reclassified from Global Investment Servicing to “Other” for the first six months of 2008. “Other” for the first six months of 2008 also includes $48 million of pretax other integration costs while “Other” for the first six months of 2007 includes $29 million of pretax integration costs primarily related to Mercantile.

(d)	Global Investment Servicing revenue represents the sum of servicing revenue and nonoperating income (expense) less debt financing costs.

(e)	“Other” average assets are comprised primarily of securities available for sale and residential mortgage loans associated with asset and liability management activities.

This excerpt taken from the PNC 10-K filed Mar 1, 2007.

Results Of Businesses - Summary


	Earnings			Revenue (a)		Average Assets (b)
Year ended December 31 - dollars in millions	2006	2005		2006	2005	2006	2005
Retail Banking	$765	$682		$3,125	$2,868	$29,248	$27,618
Corporate & Institutional Banking	463	480		1,472	1,335	26,548	25,309
BlackRock (c)(d)	187	152		1,170	1,229	3,937	1,848
PFPC (e)	124	104		879	846	2,204	2,128
Total business segments	1,539	1,418		6,646	6,278	61,937	56,903
Other	1,056	(93	)	1,951	82	33,075	31,645
Total consolidated	$2,595	$1,325		$8,597	$6,360	$95,012	$88,548

(a)

Business segment revenue is presented on a taxable-equivalent basis. The interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than a taxable investment. To provide more meaningful comparisons of yields and margins for all interest-earning assets, we also provide revenue on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on other taxable investments. This adjustment is not permitted under GAAP. The following is a reconciliation of total consolidated revenue on a book (GAAP) basis to total consolidated revenue on a taxable-equivalent basis:


Year ended December 31 - dollars in millions	2006	2005
Total consolidated revenue, book (GAAP) basis	$8,572	$6,327
Taxable-equivalent adjustment	25	33
Total consolidated revenue, taxable-equivalent basis	$8,597	$6,360

(b)	Period-end balances for BlackRock and PFPC. BlackRock was an equity investment at December 31, 2006 and was consolidated at December 31, 2005.

(c)

These amounts have been reduced by minority interest in income of BlackRock, excluding MLIM integration costs, totaling $65 million and $71 million for the years ended December 31, 2006 and 2005, respectively. These amounts are also net of additional PNC income taxes recorded on PNC’s share of BlackRock’s earnings totaling $24 million and $11 million for the years ended December 31, 2006 and 2005, respectively that have been reclassified to BlackRock from “Other.” For this PNC business segment earnings presentation, integration costs incurred by BlackRock for the MLIM transaction totaling $47 for full year 2006 have been reclassified from BlackRock to “Other.” This amount is after-tax and net of minority interest as applicable.

(d)	For 2005 and the first nine months of 2006, revenue for BlackRock represents the sum of total operating revenue and nonoperating income. For the fourth quarter of 2006, revenue represents our equity income from BlackRock.

(e)	Amounts for PFPC represent the sum of total operating revenue and nonoperating income (expense) less debt financing costs.

EXCERPTS ON THIS PAGE:

10-Q	Nov 6, 2008

10-Q	Aug 8, 2008

10-K	Mar 1, 2007

PNC Financial Services (PNC)

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