PNC Bank 2013 Annual Report Download - page 3

Dear Shareholders,
PNC had a very good year in 2013. We reported record net income
of $4.2 billion, or $7.39 per diluted common share, up from $3.0 billion,
or $5.30 per diluted common share, in 2012. Our return on average assets was
1.38 percent. We grew commercial and consumer loans combined by $9.8 billion
and deposits by $7.8 billion. And our diversified business mix contributed to growth
in noninterest income of 17 percent.
These results provide an important measure of validation of the strategy
that we have been executing in recent years to capitalize on the opportunities
created by our recent growth. And our stock price performance reflects
that work as well. Our stock climbed from $58.31 on December 31, 2012,
to $77.58 on December 31, 2013, an increase of 33 percent.
Our earnings and capital strength supported our decision in April 2013 to increase the
common stock dividend beginning in the second quarter of 2013 for the third time in as
many years. Our dividend yield as of December 31, 2013, was 2.3 percent, and we believe
we are well positioned to return additional capital to shareholders going forward, subject
to the regulatory Comprehensive Capital Analysis and Review (CCAR) process.
While it was a good year, we are still operating in a challenging and dynamic
environment. Banks must adapt to new realities, and PNC is up to the challenge.
“PNC is a Main Street bank, not a Wall Street
bank ... We are big enough that no matter
where you are or what you need to do, we
will be there to help you do it.” - Bill Demchak
33%
Increase in stock price
performance
From the CEO
March 3, 2014