Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Chilean GAAP
Year ended December 31, | Six months ended June, | |||||||||||||
Earnings | 2001 | 2002 | 2003 | 2004 | 2005 | 2005 | 2006 | |||||||
Add: | ||||||||||||||
Pretax income from continuing | ||||||||||||||
operations before minority interest | ||||||||||||||
and income from equity investees | 128,410 | 199,813 | 267,385 | 253,013 | 288,860 | 152,176 | 173,321 | |||||||
Fixed charges | 366,539 | 558,979 | 336,396 | 330,016 | 443,088 | 186,736 | 261,436 | |||||||
Distributed income of equity | ||||||||||||||
investees | 195 | 343 | 4,497 | 927 | 768 | 640 | 614 | |||||||
Less: | ||||||||||||||
Capitalized Interest | — | — | — | — | — | — | — | |||||||
Total | 495,144 | 759,134 | 608,278 | 583,956 | 732,716 | 339,553 | 435,371 | |||||||
Fixed charges | ||||||||||||||
Add: | ||||||||||||||
Interest expensed and capitalized | 365,067 | 555,217 | 333,850 | 326,743 | 439,790 | 185,095 | 259,647 | |||||||
Estimate of interest within rental | ||||||||||||||
expense | 1,472 | 3,762 | 2,546 | 3,273 | 3,298 | 1,641 | 1,789 | |||||||
Total | 366,539 | 558,979 | 336,396 | 330,016 | 443,088 | 186,736 | 261,436 | |||||||
Ratio of earnings to fixed charges: | ||||||||||||||
Including interest on deposits | 1.35 | 1.36 | 1.81 | 1.77 | 1.65 | 1.82 | 1.67 | |||||||
Excluding interest on deposits | 1.68 | 1.65 | 2.34 | 2.26 | 2.46 | 2.57 | 2.61 |
US GAAP
Year ended December 31, | Six months ended June, | |||||||||||||
Earnings | 2001 | 2002 | 2003 | 2004 | 2005 | 2005 | 2006 | |||||||
Add: | ||||||||||||||
Pretax income from continuing | ||||||||||||||
operations before minority interest | ||||||||||||||
and income from equity investees | 250,543 | 212,011 | 279,126 | 283,868 | 326,357 | 168,081 | 195,639 | |||||||
Fixed charges | 699,276 | 567,389 | 343,188 | 328,123 | 460,730 | 191,440 | 268,657 | |||||||
Distributed income of equity | ||||||||||||||
investees | 195 | 343 | 4,497 | 927 | 768 | 640 | 614 | |||||||
Less: | ||||||||||||||
Capitalized Interest | — | — | — | — | — | — | — | |||||||
Total | 950,015 | 779,743 | 626,812 | 612,918 | 787,855 | 360,161 | 464,910 | |||||||
Fixed charges | ||||||||||||||
Add: | ||||||||||||||
Interest expensed and capitalized | 697,805 | 563,627 | 340,642 | 324,850 | 457,432 | 189,799 | 266,868 | |||||||
Estimate of interest within rental | ||||||||||||||
expense | 1,472 | 3,762 | 2,546 | 3,273 | 3,298 | 1,641 | 1,789 | |||||||
Total | 699,276 | 567,389 | 343,188 | 328,123 | 460,730 | 191,440 | 268,657 | |||||||
Ratio of earnings to fixed charges: | ||||||||||||||
Including interest on deposits | 1.36 | 1.37 | 1.83 | 1.87 | 1.71 | 1.88 | 1.73 | |||||||
Excluding interest on deposits | 1.71 | 1.67 | 2.35 | 2.43 | 2.51 | 2.65 | 2.70 |