PNC Financial Services Group (PNC) FY2011 results: revenue $14.3 billion, down 5.6% on the year
PNC Financial Services Group, Inc. (PNC) reported revenue of $14.3 billion for fiscal 2011, the year ended 31 December 2011, down 5.6% on the year before. Net income was $3.0 billion, down 0.5%, and diluted earnings per share $5.64. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2012.
Revenue
$14.3 billion
-5.6% on the year
FY2007FY2011
Operating margin
n/a
FY2007FY2011
Net income
$3.0 billion
-0.5% on the year
FY2007FY2011
Diluted EPS
$5.64
-1.7% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
14,326
15,176
16,228
-5.6%
Interest expense
1,494
1,920
3,003
-22.2%
Pre-tax income
4,069
4,061
n/a
+0.2%
Income tax
998
1,037
867
-3.8%
Effective tax rate
24.5%
25.5%
n/a
Net income
2,986
3,000
1,997
-0.5%
Net margin
20.8%
19.8%
12.3%
Diluted EPS
$5.64
$5.74
$4.36
-1.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
6,035
4,811
5,753
+25.4%
Cash from investing
-6,549
5,729
9,479
Cash from financing
1,322
-11,531
-15,415
Depreciation and amortisation
659
697
773
-5.5%
Share-based compensation
103
107
93.0
-3.7%
Buybacks
73.0
204
188
-64.2%
Dividends paid
604
204
430
+196.1%
Diluted shares, weighted
526m
520m
455m
+1.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
34,053
30,242
29,942
+12.6%
Non-controlling interest
3,193
2,596
2,625
+23.0%
Deposits
187,966
183,390
186,922
+2.5%
Repurchase agreements
2,984
4,144
3,998
-28.0%
Debt
36,704
39,488
n/a
-7.1%
Other liabilities
6,305
4,424
46,376
+42.5%
Total liabilities and equity
271,205
264,284
269,863
+2.6%
Fixed assets
4,644
4,059
4,197
+14.4%
Goodwill
8,285
8,149
9,505
+1.7%
Intangible assets
1,859
2,604
3,404
-28.6%
Securities held for sale or to maturity
60,266
63,884
5,229
-5.7%
Loans
154,667
145,708
152,471
+6.1%
Resale agreements
2,205
3,704
2,390
-40.5%
Trading assets
2,513
1,826
2,124
+37.6%
Other assets
36,766
34,350
90,543
+7.0%
Total assets
271,205
264,284
269,863
+2.6%
10-K for the year ended 31 December 2011, filed 29 February 2012: the filing.