PNC Financial Services Group (PNC) FY2014 results: revenue $15.4 billion, down 4.0% on the year
PNC Financial Services Group, Inc. (PNC) reported revenue of $15.4 billion for fiscal 2014, the year ended 31 December 2014, down 4.0% on the year before. Net income was $3.9 billion, up 0.1%, and diluted earnings per share $7.30. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$15.4 billion
-4.0% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$3.9 billion
+0.1% on the year
FY2007FY2014
Diluted EPS
$7.30
-0.8% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
15,375
16,012
15,512
-4.0%
Interest expense
906
860
1,094
+5.3%
Pre-tax income
5,614
5,688
4,039
-1.3%
Income tax
1,407
1,476
1,045
-4.7%
Effective tax rate
25.1%
25.9%
25.9%
Net income
3,936
3,934
2,806
+0.1%
Net margin
25.6%
24.6%
18.1%
Diluted EPS
$7.30
$7.36
$5.28
-0.8%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
5,585
5,555
6,827
+0.5%
Cash from investing
n/a
n/a
-17,261
Cash from financing
n/a
n/a
11,549
Depreciation and amortisation
776
715
707
+8.5%
Share-based compensation
200
154
101
+29.9%
Buybacks
1,176
24.0
216
+4,800.0%
Dividends paid
1,000
911
820
+9.8%
Diluted shares, weighted
537m
532m
529m
+0.9%
Shares outstanding at period end
523m
n/a
n/a
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
44,551
42,408
39,003
+5.1%
Non-controlling interest
1,523
1,703
2,762
-10.6%
Deposits
232,234
220,931
213,142
+5.1%
Repurchase agreements
3,510
4,289
3,327
-18.2%
Debt
56,768
46,105
40,907
+23.1%
Other liabilities
6,486
4,860
5,966
+33.5%
Total liabilities and equity
345,072
320,296
305,107
+7.7%
Fixed assets
5,643
5,618
5,428
+0.4%
Goodwill
9,103
9,074
9,072
+0.3%
Intangible assets
493
2,216
1,797
-77.8%
Securities held for sale or to maturity
n/a
11,687
10,354
Loans
201,486
192,004
181,820
+4.9%
Resale agreements
1,852
1,986
1,463
-6.7%
Trading assets
2,353
3,073
2,096
-23.4%
Other assets
124,142
94,638
93,077
+31.2%
Total assets
345,072
320,296
305,107
+7.7%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.