PNC Bank 2004 Annual Report Download - page 32

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30 2004 PNC Summary Annual Report
Year ended December 31
In millions 2004 2003
Interest Income
Loans and fees on loans $ 2,043 $1,962
Securities and other 709 750
Total interest income 2,752 2,712
Interest Expense
Deposits 484 457
Borrowed funds 299 259
Total interest expense 783 716
Net interest income 1,969 1,996
Provision for credit losses 52 177
Net interest income less provision for credit losses 1,917 1,819
Noninterest Income
Asset management 994 861
Fund servicing 817 762
Service charges on deposits 252 239
Brokerage 219 184
Consumer services 264 251
Corporate services 473 485
Equity management gains (losses) 67 (25)
Net securities gains 55 116
Other 422 384
Total noninterest income 3,563 3,257
Noninterest Expense
Compensation 1,755 1,480
Employee benefits 309 324
Net occupancy 267 282
Equipment 290 276
Marketing 87 64
Other 1,027 1,050
Total noninterest expense 3,735 3,476
Income before minority and noncontrolling interests and income taxes 1,745 1,600
Minority and noncontrolling interests 10 32
Income taxes 538 539
Income before cumulative effect of accounting change 1,197 1,029
Cumulative effect of accounting change, net of tax (28)
Net income $ 1,197 $1,001
CONDENSED CONSOLIDATED STATEMENT OF INCOME}
The PNC Financial Services Group, Inc.