Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Grupo Supervielle S.A.
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| months |
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| ended |
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| March 31, |
| Year ended Dec. 31, |
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(in thousands of pesos) |
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
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Earnings |
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Income before income taxes attributable to shareholders of Grupo Supervielle S.A. |
| 567,639 |
| 1,811,907 |
| 921,270 |
| 562,004 |
| 470,755 |
| 401,315 |
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Fixed charges, excluding interest on deposits |
| 387,853 |
| 869,741 |
| 504,957 |
| 363,835 |
| 233,177 |
| 160,383 |
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Income before income taxes and fixed charges, excluding interest on deposits applicable to the shareholders of Grupo Supervielle S.A. |
| 955,492 |
| 2,681,648 |
| 1,426,227 |
| 925,839 |
| 703,932 |
| 561,698 |
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Interest on deposits |
| 677,081 |
| 3,075,486 |
| 2,229,578 |
| 1,603,773 |
| 831,231 |
| 500,689 |
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Income before income taxes and fixed charges, including interest on deposits applicable to shareholders of Grupo Supervielle S.A. |
| 1,632,573 |
| 5,757,134 |
| 3,655,805 |
| 2,529,612 |
| 1,535,163 |
| 1,062,387 |
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Fixed charges |
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Interest expense, excluding interest on deposits |
| 387,853 |
| 869,741 |
| 504,957 |
| 363,835 |
| 233,177 |
| 160,383 |
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One-third net rental expense |
| — |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges, excluding interest on deposits |
| 387,853 |
| 869,741 |
| 504,957 |
| 363,835 |
| 233,177 |
| 160,383 |
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Interest on deposits |
| 677,081 |
| 3,075,486 |
| 2,229,578 |
| 1,603,773 |
| 831,231 |
| 500,689 |
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Total fixed charges, including interests on deposits |
| 1,064,934 |
| 3,945,227 |
| 2,734,535 |
| 1,967,608 |
| 1,064,408 |
| 661,072 |
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Preferred stock dividends(A) |
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| 9,172 |
| 7,208 |
| 5,988 |
| 4,923 |
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Total fixed charges and preferred stock dividends, excluding interest on deposits |
| 387,853 |
| 869,741 |
| 514,129 |
| 371,043 |
| 239,165 |
| 165,306 |
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Total fixed charges and preferred stock dividends, including interest on deposits |
| 1,064,934 |
| 3,945,227 |
| 2,743,707 |
| 1,974,816 |
| 1,070,396 |
| 665,995 |
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Earnings to fixed charges ratios |
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Excluding interest on deposits |
| 4.21 x |
| 6.62 x |
| 7.24 x |
| 6.95 x |
| 6.58 x |
| 6.62 x |
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Including interest on deposits |
| 1.53 x |
| 1.46 x |
| 1.34 x |
| 1.29 x |
| 1.44 x |
| 1.61 x |
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Earnings to fixed charges and preferred stock dividends ratios (b) |
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Excluding interest on deposits |
| 4.21 x |
| 6.62 x |
| 7.11 x |
| 6.82 x |
| 6.42 x |
| 6.43 x |
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Including interest on deposits |
| 1.53 x |
| 1.46 x |
| 1.33 x |
| 1.28 x |
| 1.43 x |
| 1.60 x |
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(A) In January 2016, the stock of Preferred Shares was converted to Class B Shares. No dividends on the Preferred Shares were paid in 2016 or during the three months ended March 31, 2017.