PNC Financial Services Group (PNC) FY2013 results: revenue $16.0 billion, up 3.2% on the year
PNC Financial Services Group, Inc. (PNC) reported revenue of $16.0 billion for fiscal 2013, the year ended 31 December 2013, up 3.2% on the year before. Net income was $3.9 billion, up 40.2%, and diluted earnings per share $7.36. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2014.
Revenue
$16.0 billion
+3.2% on the year
FY2007FY2013
Operating margin
n/a
FY2007FY2013
Net income
$3.9 billion
+40.2% on the year
FY2007FY2013
Diluted EPS
$7.36
+39.4% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
16,012
15,512
14,326
+3.2%
Interest expense
860
1,094
1,494
-21.4%
Pre-tax income
5,688
4,039
4,069
+40.8%
Income tax
1,476
1,045
998
+41.2%
Effective tax rate
25.9%
25.9%
24.5%
Net income
3,934
2,806
2,986
+40.2%
Net margin
24.6%
18.1%
20.8%
Diluted EPS
$7.36
$5.28
$5.64
+39.4%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
5,555
6,827
6,035
-18.6%
Cash from investing
n/a
-17,261
-6,549
Cash from financing
n/a
11,549
1,322
Depreciation and amortisation
715
707
659
+1.1%
Share-based compensation
154
101
103
+52.5%
Buybacks
24.0
216
73.0
-88.9%
Dividends paid
911
820
604
+11.1%
Diluted shares, weighted
532m
529m
526m
+0.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
42,408
39,003
34,053
+8.7%
Non-controlling interest
1,703
2,762
3,193
-38.3%
Deposits
220,931
213,142
187,966
+3.7%
Repurchase agreements
4,289
3,327
2,984
+28.9%
Debt
46,105
40,907
36,704
+12.7%
Other liabilities
4,860
5,966
6,305
-18.5%
Total liabilities and equity
320,296
305,107
271,205
+5.0%
Fixed assets
5,618
5,428
4,644
+3.5%
Goodwill
9,074
9,072
8,285
+0.0%
Intangible assets
2,216
1,797
1,859
+23.3%
Securities held for sale or to maturity
11,687
10,354
60,266
+12.9%
Loans
192,004
181,820
154,667
+5.6%
Resale agreements
1,986
1,463
2,205
+35.7%
Trading assets
3,073
2,096
2,513
+46.6%
Other assets
94,638
93,077
36,766
+1.7%
Total assets
320,296
305,107
271,205
+5.0%
10-K for the year ended 31 December 2013, filed 3 March 2014: the filing.