PNC Bank 2003 Annual Report Download - page 4

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Last year, guided by a deep commit- ment to our values and a relentless
focus on our customers, our dedicated
team of 23,000 employees made
significant progress on our number
one priority: growing PNC.
Our efforts delivered solid
financial results, created value for
our shareholders, and positioned PNC
to generate sustainable growth.
•We earned $1 billion and
grew our customer base in almost
every business.
•We took steps to become an
even more attractive investment to
shareholders, increasing our quarterly
dividend by four percent in the fall,
and repurchasing 10.8 million shares
of common stock. These initiatives
contributed to a 30 percent increase
in our stock price in 2003.
•We made significant investments
in our businesses, including the acquisi-
tion of United National Bancorp, which
was completed at the beginning of 2004.
These accomplishments were aug-
mented by our actions to fundamentally
strengthen our platform for growth.
•Our industry-leading technology
capabilities fueled revenues and created effi-
ciencies. In 2003, our team earned the high-
est ranking in financial services and was
19th overall in Information Week’s annual
list of 500 top technology innovators.
•Our strong capital position
enabled us to make substantial
investments while positioning PNC
for improved shareholder returns.
We will maintain a disciplined approach
to investing your capital moving
forward — one designed to provide us
with the flexibility to compete and create
The words that grace the cover and inside panel of
this report reflect our unwavering focus on the
people we serve. Every day we can do more for our
customers, employees, communities and, of course,
you, our shareholders.
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dear fellow PNC