Exhibit 12.1
Ratio of earnings to fixed charges — Credit Suisse Group
in |
| 1Q 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
|
Ratio of earnings to fixed charges (CHF million) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from continuing operations before taxes, noncontrolling interests, extraordinary items and cumulative effect of accounting changes |
| 1,966 |
| 7,487 |
| 8,077 |
| (14,902 | ) | 13,740 |
| 14,319 |
|
Income from equity method investments |
| 3 |
| (164 | ) | (56 | ) | 82 |
| (196 | ) | (124 | ) |
Pre-tax earnings/(loss) from continuing operations |
| 1,969 |
| 7,323 |
| 8,021 |
| (14,820 | ) | 13,544 |
| 14,195 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 3,699 |
| 18,992 |
| 18,397 |
| 39,403 |
| 54,108 |
| 43,699 |
|
Interest portion of rentals’ |
| 139 |
| 601 |
| 590 |
| 574 |
| 584 |
| 569 |
|
Preferred dividend requirements |
| 0 |
| 162 |
| 131 |
| 60 |
| 0 |
| 0 |
|
Total fixed charges |
| 3,838 |
| 19,755 |
| 19,118 |
| 40,037 |
| 54,692 |
| 44,268 |
|
Pre-tax earnings before fixed charges |
| 5,807 |
| 27,078 |
| 27,139 |
| 25,217 |
| 68,236 |
| 58,463 |
|
Noncontrolling interests |
| 362 |
| 822 |
| (313 | ) | (2,619 | ) | 4,738 |
| 3,630 |
|
Earnings before fixed charges and provision for income taxes |
| 5,445 |
| 26,256 |
| 27,452 |
| 27,836 |
| 63,498 |
| 54,833 |
|
Ratio of earnings to fixed charges |
| 1.42 |
| 1.33 |
| 1.44 |
| 0.70 | (2) | 1.16 |
| 1.24 |
|
(1) Amounts reflect a portion of premises and real estate expenses deemed representative of the interest factor.
(2) The deficiency in the coverage of fixed charges by earnings before fixed charges was CHF 12,201 million for the year ended December 31, 2008.
